According to market sources, CIS billet export offers stand at $505-515/mt FOB, indicating an increase of $5-10/mt as compared to last week amid stronger billet demand in the Middle East. Many billet transactions have been concluded in the past week from the CIS to Egypt at the price level of $530/mt CFR, while market sources further report that this week some deals to the UAE have been concluded at $548/mt CIF ($505/mt FOB).
In the meantime, CIS billet offers to Turkey, where billet demand is at medium levels, are standing in the range of $525-535/mt CFR. With their stocks on the low side, Turkish steel producers are showing interest in attractive local billet offers, while high scrap prices in the current period are driving mills to evaluate offers for semi-finished products.
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