Slight decrease in inquiries for billet exports from CIS

During the past week, the volume of price inquiries for ex-CIS billet in the export markets has declined slightly, while actual demand for ex-CIS billet has remained at low levels. In the same period, it has been observed that ex-CIS billet offers to the export markets have remained unchanged at $320-335/mt FOB.
 
Turkish billet buyers, who had preferred to purchase import scrap instead of billet for a long time, are still showing little interest in import billet offers amid the ongoing political tension in Turkey following the coup attempt on July 15 and also due to the Turkish lira losing significant strength against the US dollar.
 
Meanwhile, following the ex-CIS billet deals concluded by different Egyptian buyers last week for a total of 100,000 mt at $320-325/mt FOB, Egyptian buyers' immediate needs have been satisfied. As a result, buyers in Egypt are maintaining a wait-and-see approach before concluding new ex-CIS billet transactions.