According to market sources, CIS export offers for April production billet are standing in the range of $500-510/mt FOB, indicating an increase of $5/mt since last week. CIS producers have revised their billet export offers upwards amid increased import scrap prices. However, since the upward movement of import scrap prices is expected to slow down gradually in the short term, market players believe that CIS mills can only obtain a further increase of $5/mt in their export offers and that any increase beyond this would be difficult for the market to absorb.
Meanwhile, ex-CIS billet deals in Turkey over the past two weeks have been concluded at $515-528/mt CFR. Until the current supply shortages in the Turkish domestic market ease, further CIS billet bookings at these levels are expected to be concluded in Turkey.
In the meantime, CIS rebar export offers have edged up by $5/mt on the upper end since last week to $525-540/mt FOB.
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