International demand for ex-CIS billet has not indicated much change since the beginning of the current week, mostly remaining at low levels. The upward movement of ex-CIS billet prices as of the beginning of May has given way to a sideways movement in the current week, with prices remaining stable week on week at $520-530/mt FOB.
CIS-based billet suppliers’ offers to their main export markets such as Turkey and Egypt have also moved sideways at $530-540/mt CFR and $540-545/mt, respectively. With the influence of the sharp fluctuations seen in the Turkish lira-US dollar exchange rate, and also taking into account the approaching snap election in Turkey as well as the weakness of international demand in Turkey’s long steel export markets, Turkish buyers are in no rush to conclude new deals for ex-CIS billet and are maintaining a wait-and-see stance. Meanwhile, demand for ex-CIS billet in Egypt has slowed down compared to last week.