Having gradually increased since the middle of February, ex-CIS billet prices have remained unchanged over the past week at $550-555/mt FOB.
In addition to the uncertainty resulting from the 25 percent Section 232 import tariffs in the US which are expected to come into effect this week, Chinese billet export quotations have been declining since the beginning of March with prices regressing to the range of $500-520/mt FOB seen in January, adding further to apprehensions in the global markets. Meanwhile, the sideways movement of global scrap prices as of mid-March, following the previous upward trend of scrap prices which had started in the first week of February, has also been a factor in causing ex-CIS billet prices to move on a stable trend.
Accordingly, CIS-based billet suppliers’ offers to Turkey have remained stable week on week at $570-575/mt CFR. Market sources state that Turkish billet buyers’ firm bids are at $550-560/mt CFR, while they are waiting to see a clearer price trend before concluding new deals for domestic and import billet.
On the other hand, the most recent billet sales from the CIS region to Egypt concluded at $555-565/mt CFR have pushed up prices in the local Egyptian rebar market. However, Egyptian billet buyers have not concluded new ex-CIS rebar purchases after these transactions at $555-565/mt CFR.