Will ex-CIS billet offers soften further?

Early this week, CIS producers were offering 3SP-5SP steel billet to Turkey at $590/mt CFR for shipments in November, in response to Turkish mills' reduced steel billet prices. However, towards the end of the current week, ex-CIS steel billet offers have dropped back to last week's price level of $580-590/mt FOB for shipments in late November and early December, though offers are scarce in the market.
 
The uncertainties surrounding the European economy continue to affect all markets negatively and buyers are behaving cautiously as regards new steel billet bookings, against the risk of further price declines. If this week's partial scrap price softening continues, it is thought that steel billet offers may also show some softening, also due to weak demand. However, considering actual scrap price levels, CIS producers are giving signals indicating the end of price declines.