Over the past week, ex-CIS billet offers have decreased by $7.5/mt on average to $485-510/mt FOB. Last week, a Ukrainian steel producer, whose order books were nearly full, was offering billet to the export markets at $520/mt FOB, with this price level at the upper end of last week’s price range. This week, the price level in question has not been heard in the market.
Meanwhile, import billet offers to Turkey have decreased by $5/mt to $500-510/mt over the past week, while demand for import billet in Turkey is weak, with buyers cautious about making new bookings.
Additionally, import billet offers to Egypt are at $505-525/mt CFR. However, demand for import billet in the the Egyptian market has been slack since early September and has recorded no improvement as buyers have continued to make bookings only to meet their immediate needs.
Facing with slack demand in their main export markets such as Egypt and Turkey, CIS-based billet suppliers are heard to be giving offers to the Far East at $510-515/mt CFR and to have concluded deals at $5-10/mt below this price range.