Ex-CIS billet prices move up

With the downward trend of import scrap prices in Turkey seen since the beginning of April being replaced by an upward trend last week, ex-CIS billet offers to the export markets have increased by an average of $10/mt week on week to $380-400/mt FOB.
 
As the local Turkish billet market is experiencing tightness of supply and with domestic billet prices at $395-415/mt ex-works, Turkish buyers' demand for ex-CIS billet has improved slightly during the past week. Turkish buyers have accelerated their inquiries for ex-CIS billet and some ex-CIS billet bookings have been heard in Turkey. At the start of this week, it was heard that a Russian producer concluded two billet sales to Turkey in the range of $387-388/mt CFR at the beginning of last week, before CIS-based suppliers increased their billet prices.
 
Along with Turkey, inquiries for ex-CIS billet have also increased slightly in Egypt. In the current week, CIS-based suppliers' billet offers to Egypt have increased by $7.5/mt week on week to $400-410/mt CFR, while market sources state that new transactions for billet from the CIS region have been concluded at this price level.