Ex-CIS billet prices continue their downward movement

Ex-CIS billet prices have declined by $10/mt week on week to $390-400/mt FOB amid the weakness of demand as well as the ongoing declines in import scrap quotations in Turkey.
 
As a result, CIS-based suppliers' billet offers to Turkey have fallen by $5/mt week on week to $405-415/mt CFR. Demand in Turkey for billet from the CIS region has remained at low levels as Turkish steel mills have preferred to import scrap instead of billet due to its favorable price and also as Turkish buyers of billet find it difficult to predict how their sales to long steel export markets will perform.
 
Meanwhile, ex-CIS billet offers to Egypt have softened by $10/mt on the upper end week on week to $410/mt CFR. This price range is considered to be on the high side by Egyptian buyers and so demand for CIS-origin billet in the country is still weak.