CIS-based billet exporters have adopted an aggressive price policy in their export markets after the billet prices of Chinese suppliers - their biggest competitors in the Far Eastern markets - decreased to competitive levels. CIS-based billet exporters have relinquished some of their profit margins by reducing their offers by an average of $10/mt week on week to $430-440/mt FOB. Meanwhile, they have also adopted an aggressive price strategy in Africa, offering billet at levels of $450-455/mt CFR to the region, though it is observed that Egyptian buyers are cautious due to the volatility of global steel quotations and are maintaining a wait-and-see stance.