During the past week, billet prices offered from the CIS region to the export markets have increased by $10/mt and are currently at $500-520/mt FOB.
While it is observed that the recent sharp uptrend recorded in global scrap quotations has not continued this week, Turkish steel mills’ demand for import scrap has also slowed down. Accordingly, the upward movement of the global billet prices has slackened.
On the other hand, as a result of the accelerated billet sales, CIS-based billet suppliers have raised their sale prices on the upper end and have concluded sales to the Middle East and Far East regions at $500-520/mt FOB.
At the same time, it is heard that CIS-based suppliers’ billet offers to Egypt have been at $525-530/mt CFR, while they have concluded sales to Egypt for a total of 20,000 mt this week.
Meanwhile, ex-CIS billet offers to Turkey have remained unchanged week on week at $515-520/mt CFR. It is believed that the ongoing weak demand conditions in Turkey are preventing CIS-based suppliers from announcing their desired price hike for this destination.