Billet prices from the CIS region to the export markets have maintained their upward movement in the current week, increasing by an average of $10/mt week on week to $545-550/mt FOB. Meanwhile, CIS-based billet suppliers are pleased with the current fullness of their order books. On the other hand, buyers are now unwilling to place orders for products to be shipped in one or two months’ time, and so both buyers and CIS-based billet exporters are in no rush to conclude new deals.
Under these circumstances, demand for ex-CIS billet in CIS-based suppliers’ main export markets such as Turkey and Egypt lacks strength, while buyers in these countries prefer to work with local suppliers, though they are still making price inquiries for ex-CIS billet. CIS-based suppliers’ billet offers to Turkey and Egypt are currently at $560-570/mt CFR and $565-575/mt CFR, respectively.
On the other hand, the downward movement of Chinese billet export prices seen throughout of the current week has raised concerns among buyers and sellers in the international markets. Although buyers and sellers are wondering whether this downtrend of Chinese billet will continue, this situation has not yet exerted pressure on international prices.