Demand still weak for CIS billet exports

Demand for ex-CIS billet in the export markets has remained at low levels during the past week, though it has improved slightly compared to the previous week. Meanwhile, ex-CIS billet offers to the export markets have remained stable in the same period in the range of $250-265/mt FOB.
 
Market sources state that demand for billet has increased in Egypt after the recent limitations placed on rebar imports, while SteelOrbis has heard that CIS-based suppliers concluded deals in Egypt last week for a total of 35,000 mt of billet at $275/mt CFR.
 
CIS-based suppliers' billet offers to Saudi Arabia are currently at $285/mt CFR, while Chinese billet offers to the same destination are now at $270-275/mt CFR. Saudi buyers prefer to purchase Chinese billet due to their more attractive prices.
 
On the other hand, ex-CIS billet offers to Turkey are still in the range of $265-270/mt CFR. However, with ex-US scrap prices declining last week, Turkish buyers are in no rush to conclude new billet deals, but prefer to put further pressure on foreign billet offers.