Ex-CIS billet offers expected to stabilize

Last week, ex-CIS 3SP-5SP steel billet export offers were standing at $585-590/mt FOB on actual weight basis, for January rolling. Demand coming from the Middle East, particularly from Saudi Arabia and Egypt, was good for this price range, while Turkish buyers have concluded some bookings at $615-620/mt CFR on actual weight basis.
 
Moving to this week, due to scrap price hikes and in line with increases seen in Turkish mills' steel billet export offers, January production ex-CIS steel billet offers have reached $590-600/mt FOB for shipments in February.
 
CIS producers state that they are expecting steel billet prices to stabilize from now on. In the meantime, demand has slowed down somewhat due to the approach of the end of the year.