In recent weeks neither CIS nor Turkish billet prices have registered significantly change. In addition to the ongoing slowness of end-user demand in the overall Middle East, demand has also started to show sluggishness in Egypt in last ten days; thus, no price level increase has been observed in the billet offers given to the Middle East. Also, due to the slow rebar demand in the Middle East and North Africa in particular, Turkish producers have shown no interest in CIS and southern European billet.
While the CIS billet prices have registered an increase of $10/mt compared to last week, in general the interest of producers in this high priced CIS billet has been low since the offers in question are mostly for late June/early July. CIS origin billet offers have this week been at $370-390/mt FOB.
On the local Turkish market side, billet prices have this week remained unchanged compared to last week and are still at $415-425/mt ex-works excluding VAT.