According to market sources, CIS mills' billet export offers for their January outputs are still ranging at $505-510/mt FOB, indicating no changes since last week, though buyers can insist on prices at $505/mt FOB and below levels due to high availability. Meanwhile, the New Year holiday in the CIS, which will start in the coming week and will end on January 13, until then buyers are reported to have remained reluctant to conclude new transactions. However, even though the purchasing activity has slowed down lately, CIS mills are not willing to cut their prices in this period as long as scrap prices remain strong. In the meantime, higher availability of steel billet in the market exerts downward pressure on prices, increasing the possibility of declines in steel billet prices in the period after the holiday.
On the other hand, CIS billet offers to Turkey are still standing in the range of $525-535/mt CFR, moving on a stable trend since last week, but interest for imported steel billet is still on the weak side in Turkey. However, Turkish buyers will likely step up their import billet purchases in the coming period as scrap prices have remained strong so far.
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