On October 17, SteelOrbis reported ex-Brazil billet offers to the US and other countries at $490-510/mt FOB Brazilian port.
Sources inform SteelOrbis that offers are presently trending “strong sideways,” with most consolidating at $500-510/mt FOB Brazilian port as some sellers withdrew the lower offers since they were perceived as leading buyers to expect further price cuts and discounts.
Producers are also resisting price declines on increased operational and production costs. Additionally, some buyers are expecting a slight market recovery as Chinese and Turkish billet export prices have remained relatively stable over the past week. Finally, some believe that Turkish import scrap prices may increase slightly prior to year-end, thereby providing support to the global billet market.