During the past week, ex-
CIS billet prices have increased by $20/mt to $400-420/mt FOB amid the slower but ongoing rises in scrap prices and also due to the $27.5/mt increase recorded in Chinese
billet export quotations. Some
CIS-based
billet suppliers prefer not to give new offers as they believe the upward movement of global
billet quotations will continue. Meanwhile, buyers in
CIS-based suppliers' target markets are concluding
billet deals only in line with their needs and so demand for ex-
CIS billet in the export markets is still weak.
Following the rises in ex-
CIS billet offers, it is observed that
CIS-based suppliers'
billet offers to
Turkey and
Egypt have also moved up by $20/mt week on week to $415-435/mt CFR and $420-425/mt CFR, respectively.
On the other hand, Turkish finished steel producers still consider
billet prices to be on the high side and continue to prefer to buy import scrap instead of import
billet due to its advantage in terms of lower production costs. As a result, demand in
Turkey for
billet from the
CIS region has remained at low levels over the past week. Meanwhile, market sources state that a
CIS-based
billet producer has concluded a deal to North Africa at $400/mt FOB.