Demand for ex-CIS billet remains weak

Demand in CIS-based billet exporters' target markets has remained at low levels during the past week. However, despite the weakness of demand, ex-CIS billet offers to the export markets have increased by $10/mt on the upper end week on week to $$390-410/mt FOB against the backdrop of the upward revisions in billet prices made by two CIS-based steel producers.
 
Following the decision of the CIS-based steel producers in question, suppliers in the region have increased their billet offers to Turkey by $10/mt on the upper end week on week to $405-425/mt CFR. However, since domestic trading activity in Turkey has been at low levels given the seasonal conditions and due to political and economic uncertainties, buyers in the country have maintained a cautious stance as regards concluding new import billet purchases and so demand for ex-CIS billet in Turkey is still weak.
 
Meanwhile, demand for both domestic and import billet in Egypt has been at low levels, though ex-CIS billet offers to Egypt have moved up by $5/mt on the upper end week on week to $410-415/mt CFR in line with the upward movement of ex-CIS billet export offers on FOB basis.