During the past week, ex-CIS billet prices have continued their upward movement, increasing by $10/mt on the lower end and by $5/mt on the upper end week on week to $515-525/mt FOB. As well as the increases recorded in global scrap quotations, the slight acceleration of CIS-based billet exporters’ sales has also contributed to this gradual uptrend of ex-CIS billet prices.
Having been slack due to Ramadan, demand for ex-CIS billet in Egypt has started to revive. SteelOrbis has been informed that CIS-based billet suppliers have concluded sales to Egypt in the range of $515-520/mt FOB. On the other hand, demand for the same product in Turkey - another important export market for CIS-based billet suppliers - has failed to improve, while ex-CIS billet offers to Turkey are currently at $530-540/mt CFR.