During the past week, ex-CIS billet prices have increased by $15/mt on the lower end and by $20/mt on the upper end to $500-520/mt FOB. CIS-based suppliers’ decision to increase their billet export quotations has been supported by the rises seen in scrap prices as of last week and also by buyers' accelerated billet purchases due to their expectations of a further increase in billet quotations.
Following the most recent price increase, ex-CIS billet offers to Turkey have reached $515-530/mt CFR, increasing by $15/mt on the lower end and by $20/mt on the upper end week on week. Additionally, it is heard that an ex-CIS billet sale to Turkey has been concluded in the current week at $515-520/mt CFR. Market sources state that Turkish steel mills are finding it difficult to meet their needs from their domestic market, while their price inquiries for ex-CIS billet have accelerated somewhat during the past week as they believe billet prices may increase further in the coming period.
Meanwhile, ex-CIS billet offers to Egypt have increased by $15/mt on the lower end and by $30/mt on the upper end week on week to $525-540/mt CFR. However, Egyptian buyers have been concluding deals for Iranian billet recently at lower prices and their demand for ex-CIS billet is currently at low levels.