With Ramadan having started on May 26, demand in CIS-based suppliers' main export markets such as Turkey and the Middle East has slowed down and is still at low levels. Meanwhile, ex-CIS billet export prices have moved sideways for the third consecutive week at $390-410/mt FOB.
Although billet supply volumes in Turkey are low, most Turkish buyers consider the current price levels for ex-CIS billet at $410-430/mt CFR to be on the high side. Instead, market sources state that Turkish buyers are accepting ex-CIS billet quotations at $405-410/mt CFR.
Meanwhile, ex-CIS billet offers to Egypt are currently at $410-415/mt CFR. CIS-based suppliers prefer to give offers to Egypt instead of Turkey. Additionally, market sources report that deals for billet from the CIS region have been concluded in this price range in Egypt. Egyptian buyers are purchasing billet only in line with their needs and demand for ex-CIS billet in the country is not expected to revive before the end of Ramadan.