The downtrend of ex-CIS steel billet offers of the last seven weeks has continued this week, with offer prices softening further by $10/mt to this year's lowest level of $560-570/mt FOB.
Unfavorable conditions in global steel markets and decreases in scrap prices have been major reasons behind the drop in CIS steel billet export offers and it is becoming more difficult to predict when and at which price level the softening of ex-CIS billet prices will come to a halt. Moreover, market players state that CIS steel billet export offers may decline further next week,in line with downtrending scrap prices.