CIS billet suppliers mainly withdraw offers below $420/mt FOB, market calm

Friday, 30 October 2020 17:15:44 (GMT+3)   |   Istanbul
       

CIS-based billet producers have been insisting on higher prices over the past week, withdrawing offers at below $420/mt FOB amid low availability and full order books. Customers have not been ready for such prices, so they have remained inactive so far.

Offers from the major large CIS-based producers have been heard at $420-425/mt FOB, up by $5/mt from last week, as most producers can offer only January shipment material and there is no hurry to sell. Rare offers at lower levels - $410/mt or around that - have been heard only from smaller producers or for December shipment. “Very few mills are offering now,” a trader said, adding that buyers hope for a price decline in the near future, but there is a lack of reasons for that in the market at the moment.

Bids for ex-CIS billet from Turkey have remained very low - at $415/mt CFR, and the sharp weakening of the Turkish currency has even worsened the situation in the import market.

Customers from North Africa have remained out of the market due to weak finished product prices in particular, but some of them will have to resume purchases in the coming weeks, taking into account their long pause in buying. Demand from West and East Africa is also awaited. It will be hard for customers to find ex-CIS billet at much below $420/mt FOB, sources believe.

No new import deals have been reported in the GCC market for now.

The SteelOrbis’ reference price for ex-CIS billet from Black Sea has increased by $2.5/mt on average since last week to $415/mt FOB.


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