A new price high has been reported in a fresh deal for ex-CIS billet. The strong Turkish market and still limited supply volumes from large mills have supported the further gains in price.
According to sources, two deals for ex-Russia billet have been reported done to traders at $530/mt FOB recently, which is $10/mt higher compared to the previously reported tradable value, SteelOrbis has learned. One of them is for the Turkish market, and it translates to around $545-550/mt CFR. This price level is considered to be workable at the moment in Turkey and there have been more inquiries at this level.
But most CIS-based producers are cautious in sales as they have already closed January shipment order books and “don’t want to sell cheap,” a source said. Some mills have already rejected bids at $525/mt FOB.
Most offers from mills, who have not withdrawn prices, have been heard at $530-540/mt FOB.
The SteelOrbis reference price has been increased again - from $520/mt FOB on December 9 to $530/mt FOB on December 10.