Ex-CIS billet offers decline for third 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 by a further $35/mt on average during the past week to $360-370/mt FOB amid downward pressure from buyers and due to the 15 percent fall recorded in Chinese billet quotations since the beginning of May. Market sources state that some billet suppliers in the CIS region are still insisting on keeping their billet prices at $400/mt FOB and above. However, buyers consider this price range to be unrealistic and are expecting these suppliers to revise their billet prices in the short term.