On October 26, SteelOrbis reported ex-Brazil billet offers to the US and other countries at $500-510/mt FOB Brazilian port.
Sources inform SteelOrbis that seller resistance to lower prices was unable to maintain billet price levels, and offers declined in the following days down to $485-490/mt FOB Brazilian port with a few offers lower at $480/mt FOB Brazilian port on large cargoes. This updated range represents a decline of $15/mt from the bottom of the previously reported range and $20/mt from the top of the same range.
Sources differ in their opinion of the long-term perspective for billet. On the one hand, some expect prices to regain strength on strong Turkish import scrap prices, while others point to the strong end-of-year inventory clearance competition in the global market that may limit upward price mobility until the new year.