With the influence of the fall seen in global scrap and billet prices, ex-CIS billet prices have continued their downward trend during the past week, declining by $20/mt on the lower end and by $15/mt on the upper end week on week to $500-515/mt FOB. Additionally, demand for ex-CIS billet is still at low levels, while buyers are concluding purchases of billet from the CIS region only in line with their needs as they expect prices to fall further.
CIS-based suppliers’ billet offers to Turkey are heard to be at $515-530/mt CFR, though Turkish buyers are seen to be in no rush to conclude new purchases due to the weak domestic demand for scrap and long steel in Turkey. Meanwhile, domestic billet prices in Turkey are at $515-525/mt ex-works, and so Turkish buyers’ demand for ex-CIS billet is still weak since CIS-based suppliers do not offer any price or delivery time advantages.
Additionally, demand for ex-CIS billet in Egypt has also remained at low levels over the past week, while CIS-based suppliers have reduced their billet offers to the North African country by an average of $12.5/mt week on week to $530/mt CFR.