Ex-CIS billet prices increase for second consecutive week

Ex-CIS billet export prices have increased for the second consecutive week, rising by an average of $7.5/mt week on week to $390-405/mt FOB.
 
Domestic billet prices in Turkey - one of the biggest export markets for CIS-based billet suppliers where demand was at low levels for a long time - are currently at $415-430/mt ex-works and buyers mostly consider this range to be on the high side. In the meantime, Turkish steel producers are focusing on rebar sales, causing tightness of supply in the local billet market. As a result, Turkish buyers' demand for ex-CIS billet has increased. In the current week, CIS-based suppliers' billet offers to Turkey have been in the range of $410-425/mt CFR, while it is also heard that Turkish buyers have this week concluded deals at the lower end of this price range.
 
On the other hand, having improved slightly last week due to the acceleration of construction activities, demand for ex-CIS billet in Egypt is still at decent levels. Meanwhile, ex-CIS billet offers to Egypt have risen by $10/mt on the upper end and by $5/mt on the lower end week on week to $410-415/mt CFR.