Ex-CIS billet offers increase

This week, CIS-based billet dealers have been slowly returning to the market, while demand for CIS billet exports is still weak. Meanwhile, with the increases seen in scrap quotations and in Chinese billet prices, ex-CIS billet prices have also increased slightly, rising by $5/mt week on week to $250-265/mt FOB, for February production. However, billet buyers in the export markets are unwilling to accept higher prices amid weak demand conditions seen in the finished steel markets and billet prices remain under downward pressure.