Ex-CIS billet prices move up for fourth consecutive week

In the previous week, demand for ex-CIS billet in the export markets varied according to destination, while it has improved slightly during the past week according to reports. Chinese billet quotations have maintained their gradual upward movement with the influence of the rises seen in global raw material prices since the beginning of October, while ex-CIS billet quotations have continued their sharp uptrend during the past month. Billet offers from the CIS region to the export markets have increased by $17.5/mt week on week and by $52.5/mt since the beginning of October and today, November 3, they stand at $360-370/mt FOB. CIS-based suppliers prefer to give just a limited number of billet offers to the export markets due to the prevailing opinion that global raw material and billet prices will continue their upward trend, while market sources believe that ex-CIS billet prices may indicate a further slight rise in the short term.
 
Meanwhile, CIS-based suppliers' billet offers to Egypt - an important target market for ex-CIS billet exports - have increased by $20/mt  during the past week to $380-390/mt CFR. It is observed that Egyptian buyers have continued to conclude new deals for billet from the CIS region in this price range.
 
On the other hand, ex-CIS billet offers to Turkey have moved up by $17.5/mt week on week to $370-380/mt CFR. Also, a Turkish buyer has reportedly concluded an ex-CIS billet deal at $370-375/mt CFR in the current week.