Ex-CIS billet prices have moved up by $5/mt on the lower end and by $10/mt on the upper end week on week to $515-525/mt FOB. Although most international buyers are exerting downward pressure on billet prices from the CIS region, an ex-CIS billet deal has been concluded in Egypt - CIS-based suppliers’ main target market - in the current week at $540-545/mt CFR despite the approach of Ramadan.
On the other hand, ex-CIS billet prices to Turkey are currently at $530-540/mt CFR, $10/mt higher as compared to last week. While Turkish buyers continue to make price inquiries for ex-CIS billet, they are avoiding concluding deals for large tonnages amid the weak demand they are receiving from their own long steel export markets.