Ex-CIS billet prices decrease

It is observed that demand for ex-CIS billet in the international markets has been at low levels over the past week. CIS-based billet exporters have reduced their export prices by an average of $20/mt week on week to $410-420/mt FOB. Meanwhile, SteelOrbis has been informed that a CIS-based billet exporter concluded a sale to Turkey in the current week for 18,000 mt of billet at $413/mt CFR. According to market sources, the price level in this deal is below average market quotations due to special circumstances. On the other hand, market players are unwilling to carry inventories over to next year, and so they have reportedly adopted a wait and see stance.