CIS billet export offers

CIS billet export offers are currently in the $410-420/mt FOB price range for November shipments. In previous weeks, demand from Italy, the Middle East and North Africa raised the prices. Furthermore, Turkish-origin billet prices were also high due to the increase in scrap prices and weak Turkish domestic market. This situation facilitated the increase of Ukrainian billet. The Mediterranean is not showing more interest in $420/mt FOB levels. However, the strong Iranian market enables CIS producers to capture the highest prices in this region.