SteelOrbis has been informed that CIS billet offers to the export markets have increased by $5/mt on the upper end during the past week to $395-400/mt CFR. With CIS-based billet suppliers returning from their holidays, they are trying to increase their sales. Accordingly, the volume of offers heard in the market has increased. However, demand for CIS billets in the export markets is currently quiet.
Market sources state that in Turkey, an important export market for CIS-based billet suppliers, demand for rebar has increased as activity on construction projects has accelerated amid improving weather conditions. However, import scrap purchases have failed to meet Turkish producers' needs for production, leading them to focus on billet imports, while they have been showing more interest in low-priced Chinese billet offers than in billet offers from the CIS. Chinese billet suppliers' offers to Turkey were at $360/mt CFR last week, while they have increased to the range of $370-375/mt CFR over the past week. However, for firm bids at $360/mt CFR, some Chinese suppliers are willing to reevaluate their offers.