Demand for ex-CIS billet at decent levels

Having accelerated their price inquiries for ex-CIS billet in the previous week, buyers have continued their price inquiries over the past week, though CIS-based suppliers have kept their billet export prices stable at $390-405/mt FOB in the same period. Meanwhile, market sources believe that CIS-based billet producers may test the market with higher prices since demand for their products is at decent levels, having improved in the previous week following its prior long-standing weakness.
 
It is observed that Turkish buyers are still making price inquiries for ex-CIS billet. However, the relatively longer delivery times involved as well as the lack of decent demand in Turkish mills' finished steel export markets have caused Turkish buyers to be cautious as regards concluding new import billet purchases within the scope of Turkey's inward processing regime (under this scheme mills have to give a commitment to export the finished products they produce from imported billet). Since CIS-based billet suppliers have kept their export offers stable during the past week, their offers to Turkey have also moved sideways in the range of $410-425/mt CFR.
 
In the meantime, ex-CIS billet offers to Egypt have also remained unchanged in the past week at $410-415/mt CFR. Market sources state that demand in Egypt for ex-CIS billet has improved further though slightly compared to the previous week, due to the acceleration of construction activities in this destination, with ex-CIS billet bookings being concluded at $410-415/mt CFR.