Ex-CIS billet offer prices expected to soften

Ex-CIS billet offers have softened by $5/mt on the higher end as compared to last week to the range of $530-535/mt FOB for late April-early May shipments, while some transactions have been concluded at the price level of $535-545/mt CFR in Turkey.
 
Buyers have been putting pressures on CIS mills to reduce their billet offer prices, as it is not known how long the steady trend of the scrap markets will last and given the low demand environment observed in general in the long steel markets. Accordingly, ex-CIS billet offer prices are expected to soften in the coming week.