CIS-based exporters’ billet offers to the international markets have remained stable in the last seven days at $510-515/mt FOB.
Demand for ex-CIS billet in Egypt - one of CIS-based billet suppliers’ main export markets - is reportedly weak amid slack domestic long steel demand and lower import scrap prices in Egypt. Meanwhile, the mood in the Turkish steel market is cautious against the backdrop of the high volatility of the Turkish lira-US dollar exchange rate, which also prevents Turkish demand for ex-CIS billet from improving. Nevertheless, SteelOrbis has been informed that CIS-based billet producers have kept their offers to Egypt and Turkey stable over the past week at $530-535/mt CFR and $525-530/mt CFR, respectively.