Ex-CIS long steel offers decrease

According to market sources, rebar offers from the CIS region to the export markets have softened in line with expectations, declining by $17.5/mt on average over the past week to $405-410/mt FOB, against the backdrop of the downtrend seen since the first week of January in global scrap prices, which gained momentum as of the third week of the month. Meanwhile, ex-CIS wire rod offers have decreased by an average of $7.5/mt week on week to $420-435/mt FOB. However, buyers are in no rush to conclude new bookings of ex-CIS rebar and wire rod, as they think that prices will decline further in the coming period.