In CIS billet markets, with buyers leaving the market as prices start to decrease, producers are unable to ensure the firmness of prices for their October production. Although Ukrainian producers are trying to maintain prices at the level of $550/mt FOB, they are having a difficult time in determining new prices due to pressure from buyers. Nevertheless, with the help of high levels of demand from the Iranian market, CIS producers may yet receive sufficient support to enable them to maintain their price levels.
On the other hand, it is possible to hear various price levels in the markets as international traders which bought position materials with the expectation that the market would become more active after Ramadan have started to offer these position materials. Steel billet offers given to the Turkish market are at $550-555/mt CFR, while lower offers can be heard with the buyers leaving the market; however, there are no actual transactions at these levels.
It is observed that Turkish mills' billet transactions have slowed down after sales to the Iranian market and also due to the volatility of prices. Turkish steel billet export offers are currently standing at around $570/mt FOB.