Will ex-CIS billet offers decline?

CIS billet export prices have not seen any significant changes, apart from a slight contraction of the price range to $590-595/mt FOB. However, no billet transactions have been concluded at these price levels yet. Billet export offers to Turkey and Saudi Arabia, as the most important billet export destinations for the CIS, have generally remained unchanged. Accordingly, ex-CIS billet offers to Turkey are at $610/mt CFR Istanbul, while ex-CIS offers for billet to Saudi Arabia are standing at $640/mt CFR Jeddah, though no billet transactions have been concluded so far at these price levels.
 
According to the information collected from market sources, current ex-CIS billet offers are at $590/mt FOB, while buyers' counter-offers are at around $580/mt FOB. Although buyers' firm bids have not gained acceptance from dealers, if the US dollar continues to strengthen against other currencies, ex-CIS billet deals could be concluded in the range of $580-585/mt FOB. On the other hand, traders who have position cargos in hand may give ex-CIS billet offers below the current range. If buyers' counter-offers gain acceptance and discounted billet deals become widespread in the market, it is anticipated that ex-CIS billet offers may soften further.