Ex-CIS billet prices influenced by higher Chinese billet prices

During the past week, despite the ongoing weakness of demand CIS-based suppliers' billet offers to the export markets have increased by $5/mt on the upper end to $390-405/mt FOB amid the rises seen in global scrap and Chinese billet quotations.
 
It is heard that ex-CIS billet offers to Turkey have increased by $5/mt on the upper end during the past week to $400-415/mt CFR, while Turkish buyers consider this price range to be on the high side. Additionally, Turkish buyers believe that import billet prices are not attractive enough to ensure a cost advantage in their production compared to import scrap. As a result, they are reluctant to purchase billet from the CIS region. 
 
Meanwhile, ex-CIS exporters' billet offers to Egypt - another target market for ex-CIS billet exports - are in the range of $405-415/mt CFR, depending on port where cargo is loaded. Also, market sources state that the latest ex-CIS billet deal in Egypt was concluded at $405/mt CFR.