CIS billet export offers

CIS billet export offers are currently in the $540-550/mt FOB Black Sea price range for May shipments. There haven't been any changes in the offer levels. The billet market remains strong. Offers from China are in a range of $480-500/mt FOB China, with the majority of offers in the range of $480-490/mt. Chinese billets are more competitive than the CIS origin billets in the Persian Gulf. The latest bookings concluded from China in the Persian Gulf are close to a level of $530/mt CFR. It seems that with these prices, Chinese origin billets are capable of competing with CIS origin billets even in the Middle East.