During the past week, billet exporters based in the CIS region have been forced to reduce their offers to the export markets due to the declines seen in Chinese billet export offers.
Following the $12.5/mt decline seen in ex-CIS billet prices on May 6, CIS-based billet offers to the export markets have decreased by $30/mt on the lower end and by $20/mt on the upper end today, May 10, to $390-410/mt FOB. However, ex-CIS billet offers are still $95/mt higher than Chinese suppliers' billet export offers, and so billet offers from the CIS are expected to continue their downward movement in the coming days.