Having agreed to reduce their export prices to stimulate sales after foreign buyers exerted pressure on offers during the past week, CIS-based billet suppliers’ prices have declined by $5/mt on the lower end and by $10/mt on the upper end week on week to $510-515/mt FOB.
In the current week, demand for ex-CIS billet in Egypt - one of CIS-based suppliers' main export markets - has slightly improved, though failing to reach to strong levels. According to market sources, billet offers from the CIS region to Egypt are currently at $530-535/mt CFR. Meanwhile, buyers in Turkey - another important market for CIS-based billet exporters - have not concluded billet purchases for some time since demand for Turkish long steel has been weak both in domestic and export markets, and so Turkey’s demand for ex-CIS billet is also at low levels. SteelOrbis has been informed that CIS-based billet suppliers’ offers to Turkey are now at $525-530/mt CFR.