Ex-CIS billet prices move up following rises in scrap quotations

CIS-based billet suppliers have increased their export prices by an average of $5/mt week on week following the $18.5/mt rise recorded on scrap prices since they started to move up at the end of last week. As a result, ex-CIS billet prices to the export markets have reached $365-375/mt FOB, though buyers in the export markets mostly consider this range to be on the high side.
 
Billet quotations from the CIS region to Turkey have increased by $7.5/mt week on week to $385-395/mt CFR. However, demand for ex-CIS billet in Turkey is still at low levels, with Turkish steel producers preferring to purchase scrap instead of import billet as it is currently more advantageous in terms of steel production costs. Additionally, Turkish foundries consider import billet prices to be on the high side and prefer to purchase billet from their domestic market.
 
Meanwhile, demand for ex-CIS billet in Egypt - another important market for CIS-based billet exporters - has remained weak during the past week. In the same period, CIS-based suppliers billet offers to Egypt have moved up by $10/mt to $385/mt CFR.