Ex-CIS billet offers decline further and attract more demand from Middle East

SteelOrbis has been informed from market sources that CIS billet export offers have declined by $10/mt as compared to early this week to $515-525/mt FOB, for late September and October shipments. Meanwhile a transaction has been concluded from the CIS to Saudi Arabia for 30,000 mt of billet at the price level of $550/mt CFR Jeddah, for shipments in October.
 
As ex-CIS billet offers are fairly cheaper than Turkish billet export prices at $550-560/mt FOB, billet demand in the Middle East has focused mainly on ex-CIS offers. Meanwhile, the pressure arising from the competitiveness of ex-CIS billet offers' will likely increase in Turkish mills' export markets, where Turkish origin billet offers have failed to attract attention.