Downtrend in Turkey causes softening of ex-CIS rebar and billet offers

The first downward price adjustment in the current week was seen in ex-CIS steel billet offers early in the week. As SteelOrbis reported, ex-CIS steel billet offers to Turkey via traders declined to $620/mt CFR Istanbul, after which Turkish long steel prices also started to move downwards. The price softening in the Turkish long steel market, which was also due to low demand, had raised expectations for a softening also in ex-CIS long steel prices.
 
Thus, it was expected that ex-CIS rebar offers, which were standing at $650-655/mt FOB early this week, would see a downward adjustment to reach price levels competitive with the Turkish mills' already softened rebar prices. As expected, CIS mills' rebar export offers have now declined, falling to $635-645/mt FOB, though no transaction has been heard so far at this price range.
 
In the meantime, ex-CIS steel billet offers have continued to decrease throughout the current week. After showing unwillingness to reduce their steel billet export offers below $615/mt FOB early this week, CIS producers have been unable to keep their billet offers firm, and so their prices have now softened to $610/mt FOB. Although traders' steel billet offers may be lower as compared to this price range, no transaction has been concluded so far. It is thought that CIS billet prices may show some further softening in May amid poor demand, and it is predicted that CIS mills may decrease their steel billet prices to $600/mt FOB.