CIS-based billet suppliers have raised their export offers to the international markets further by $15/mt on the lower end and by $5/mt on the upper end week on week to $515-525/mt FOB.
Market sources report that the upward movement of global scrap quotations, the improved foreign demand received by CIS-based billet suppliers as well as the accelerated billet export sales from the CIS region have all provided support for the increases seen in ex-CIS billet prices.
In the current week, billet sales from the CIS region to Egypt have been concluded at $515-520/mt FOB, market sources say. Egyptian buyers’ demand for ex-CIS billet has improved slightly over the past two weeks but has failed to reach to lively levels.
It is observed that ex-CIS billet offers to Turkey have increased by an average of $10/mt week on week to $530-535/mt CFR, while Turkish steel mills still prefer to use billet for steel production instead of scrap due to cost advantages. Demand for ex-CIS billet from Turkish rolling mills is still at low levels as they are concluding billet purchases only in line with their needs.