Ex-CIS billet offers decline for fourth consecutive week

Demand for ex-CIS billet in the export markets has remained at low levels in the past week, while export offers for billet from the CIS have declined for the fourth consecutive week, falling by a further $10/mt on average during the past week to $350-360/mt FOB.
 
Meanwhile, ex-CIS billet offers to Turkey have softened by $5/mt week on week to $365-375/mt CFR. Turkish steel producers have been focusing on their finished steel sales which are currently sluggish, while it is observed that they are unwilling to conclude billet purchases before seeing any improvements in their finished steel sales.
 
Additionally, ex-CIS billet offers to Egypt are currently in the range of $360-370/mt CFR. Egyptian buyers are waiting for ex-CIS billet prices to decline further, while they are avoiding purchases of billet from the CIS region except to meet their needs.