Offer prices for ex-CIS billets have added $5-10/mt late this week amid increased scrap prices in the latest bookings on Thursday and Friday. Moreover, the limited availability of billet in the market has added to the situation.
Ex-CIS billet is available at $360-365/mt FOB, which is $5/mt higher than late last week and $10/mt above the workable level in the market just a few days ago. Some offers from mills are up to $370/mt FOB.
A customer in North Africa has said that the offer for December shipment was at $363/mt FOB on Thursday. “Suppliers said that many mills are stopped, and so there is not much material available,” a source said. And though overall bids have also increased, there has been a lack of response from customers yet. Bids from the MENA region have been at $350-355/mt FOB recently.