CIS billets under pressure

As per latest reports to SteelOrbis, offers by CIS steel billet producers are struggling to maintain their strength, while bids from buyers at much lower levels appear to be putting pressure on steel billet price levels for March production. The absence of Egypt as a major receiver of steel billets in the market is also adding to the slowdown of billet exports from the CIS.
 
Producers are holding on to their offers at around $620-640/mt FOB, while bids from buyers are expected to fall further this week from $620/mt FOB to as low as $600/mt FOB.