Ex-CIS billet prices remain stable

Over the past week, demand for ex-CIS billet in international markets has remained slack. As Chinese suppliers’ billet quotations have recorded sharp declines since the beginning of this month and are now at $465-470/mt FOB, buyers in the global markets have adopted a wait-and-see stance, thinking that prices may fall further in the coming period. Since Chinese billet offers are at competitive levels, demand for ex-CIS billet in export markets has slowed down. However, CIS-based suppliers have maintained their offers at current levels, satisfied with the deals previously concluded. As a result, ex-CIS billet offers have remained stable week on week at $460-465/mt FOB.