Despite the increases recorded in global scrap quotations last week, CIS-based billet suppliers have reduced their export offer prices by $5/mt on the upper end to $490-505/mt FOB due to the weak demand they have received from the international markets. However, market sources report that some export sales by CIS-based suppliers have been concluded during the past week at price levels $5-10/mt lower prices than the above range.
Buyers in the international markets are currently seeking to gain a clearer perspective of the future trend of the steel market, especially after Chinese steel suppliers have mostly reduced their prices this week upon their return from the long Chinese national holiday. As a result, it is observed that buyers of ex-CIS billet are now concluding purchases only in line with their needs.
In the current week, ex-CIS billet offers to Turkey and Egypt are standing at $490-510/mt CFR and $510-520/mt CFR, respectively.