It is observed that ex-CIS billet prices to the international markets have come under pressure and decreased due to the declining trend of scrap quotations. Having been in the range of $440-445/mt FOB last week, ex-CIS billet offers are at $430-440/mt FOB in the current week.
SteelOrbis has been informed that an ex-CIS billet deal in Turkey - one of the most important export markets for CIS-based billet suppliers - has been heard in the current week at $445/mt CFR for spot shipment. While there are now ex-CIS billet offers to Turkey at $435-436/mt FOB, Turkish buyers’ firm bids are mostly in the range of $435-440/mt CFR. However, these firm bids are failing to gain acceptance from CIS-based billet suppliers, market sources report.
In Egypt, which is another important export market for CIS-based billet suppliers, ex-CIS billet offers are at $450-460/mt CFR. According to market sources, trading companies are giving offers on the lower end of this price range, while producers are seeking ways to keep their price offers at the upper end, even though they considering prices at $455/mt CFR to be acceptable.