Since CIS-based billet suppliers are experiencing difficulties in their most important export market with Egypt deciding to impose duties on billet imports on April 14, ex-CIS billet prices have followed diverse trends.
SteelOrbis has been informed that some CIS-based suppliers have panicked due to this duty and so they have started to offer prices which are even lower than last week’s levels despite higher scrap quotations. While trading companies are heard to have decreased their billet export offers to $422/mt FOB, producers are opposed to such reductions and are seeking to keep their prices stable at $430-435/mt FOB given the uptrend of scrap quotations.
CIS-based billet suppliers’ offers to Turkey, which is another important market for ex-CIS billet exports, have also varied. Although there are rumors of an ex-CIS billet deal in Turkey concluded at $435/mt CFR, SteelOrbis could not get confirmation of this transaction from either of the parties involved. While a Turkish mill reports receiving an offer from the CIS region for billet at $445/mt CFR Black Sea ports, the prevailing ex-CIS billet price range is in the range of $445-450/mt CFR Turkey, with rare offers heard below this range.