CIS billet mills retract last week’s export price increase

This week, ex-CIS steel billet offers have softened by $10/mt since last week, decreasing to $525-535/mt FOB for February shipments. Thus, last week's price increase by the same amount witnessed after sales to Turkey has now been retracted.
 
Although most CIS billet producers are relatively at ease thanks to their transactions to Turkey and the Middle East in the past two weeks, it is thought that these producers may cut their prices further in order to fill their order books.