Ex-CIS billet traded above $405/mt FOB

Friday, 13 December 2019 16:21:47 (GMT+3)   |   Istanbul

Prices for ex-CIS billet have been moving further up this week and, though most end-users have been reluctant to accept higher levels, some deals have been done at above $405/mt FOB. Rising scrap quotations in Turkey have supported billet suppliers.

A contract for 5,000-10,000 mt of ex-Ukraine billet was signed at $405/mt FOB to a trader early this week, with the sales destination being East Africa. Moreover, another lot from a Russian steelmaker has been sold to a large trader at $407/mt FOB for February shipment, SteelOrbis has learned. At the same time, some traders have managed to sell ex-CIS billet at $410/mt FOB on average for late January shipment, but details about sales destinations have not been disclosed by the time of publication. A deal from a Russian EAF-based mill has been rumoured at $415/mt FOB, but most sources have denied this information and it has not been confirmed by the producer.

Offers from major CIS-based mills have increased by $5/mt this week to $410-420/mt FOB for February shipment. “The market is defiantly not below $405/mt [FOB] at the moment and with good news from the scrap side a further increase is possible,” a trader said.

As a result, SteelOrbis’ daily ex-CIS billet reference price has added $6/mt to $408.5/mt FOB on Friday, December 13.

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