Scrap prices put pressure on ex-CIS billet offers

SteelOrbis has been informed by market sources that CIS mills' billet export offers are still standing at $495-505/mt FOB for February production, indicating no changes over the past week, though interest in these offers is on the slack side.
 
Meanwhile, CIS billet offers to Turkey have been trending sideways since last week at $513-525/mt CFR, while Turkish buyers have already completed their purchases at these price levels. However, with the downtrend of import scrap prices gaining clarity this week, Turkish steelmakers have increased their pressure for a downward revision of import billet offers and prefer to postpone any new purchases for now.