CIS producers consider billet price hike

Last week ex-CIS steel billet offers were standing at $535-545/mt FOB. Several transactions have been concluded at this price range and now producers and traders from the CIS are considering a price hike.  However, many major CIS producers are not in the market currently. Although producers state that uncertainty still prevails in the market and that a price increase is not definite, demand has shown some improvement.
 
Receiving many inquiries recently, CIS producers state that buyers are also seeking to increase the tonnages involved in the bookings they previously concluded. All in all, CIS producers are expected to appear in the market with higher steel billet prices in the coming days, in line with increased market activity and the uptrend of scrap prices.