Ex-Black Sea steel billet export offer prices have this week continued their uptrend which had begun early this month.
Last week, CIS origin steel billet export offers ended the week at $570-580/mt FOB, while at the beginning of this week the lower end of the price range reached $575/mt FOB. After the conclusion of some transactions, the price hike observed in the Turkish domestic steel billet market has been reflected in ex-CIS steel billet offers which have reached $580-590/mt FOB as of today. Although it is heard that some producers have increased their offers to $600/mt FOB, no transaction has been heard so far at this price level.
SteelOrbis has learned from market sources that an ex-Black Sea steel billet transaction to Turkey was concluded at $600/mt CFR Istanbul early this week, while a trader has placed offers at $605/mt CFR Bartin. Keeping a close eye on the Turkish domestic billet market, CIS producers are likely to make an upward adjustment to their billet offers, as Turkish mills have found acceptance for their domestic offers which have reached $620-630/mt ex-works.
