Demand in the Turkish long steel market has been at low levels for a long time now due to the high volatility in Turkish lira-US dollar exchange rate, and so demand for ex-CIS billet in Turkey has remained weak over the past week. In Egypt, another important export market of CIS-based billet suppliers, demand for ex-CIS billet is still slack as market players are not willing to conclude new purchases with domestic rebar demand remaining at low levels, and also due to the approaching Feast of Sacrifice holiday which will last for a full week starting from August 20.
Accordingly, CIS-based suppliers billet export prices have decreased by $15/mt on the upper end week on week to $485-495/mt FOB. Currently, ex-CIS billet offers to Turkey and Egypt are at $490-500/mt CFR and $500-510/mt CFR, respectively.