CIS billet export offers increase slightly

CIS billet export offers are currently in the $540-550/mt FOB Black Sea price range for May shipments. For the time being Egypt is not making purchases due to the problems in its domestic market. The Turkish rolling mills are not showing interest in these levels either. Europe and some North African markets seem to be the most attractive markets for CIS billet. Furthermore, the price increases in alternatives sources such as China and India may create an advantage for CIS mills in the Gulf region.