Market sources report that CIS billet export offers have continued their gradual declines this week. Over the past two weeks ex-CIS billet offers have decreased by $10/mt and are now standing at $480-500/mt FOB. Some ex-CIS billet deals have been concluded last week to Jordan, Turkey and Nigeria, though at small volumes at $495-500/mt CFR. Meanwhile, buyers in these countries are sill asking for discounts from CIS billet suppliers as Chinese offers to Middle East and North Africa have continued to remain attractive. CIS billet offers will likely continue their declines in the coming period due to this pressure.
On the other hand, CIS billet offers to Turkey are standing at $500-515/mt CFR, softening by $5/mt over the same period, while Chinese billet offers for the same destination are at $470-480/mt CFR, declining by $10-15/mt as compared to last two weeks. Import billet demand in Turkey has remained slack since last week, while ex-CIS billet offers, which have not bottomed out yet, are expected to continue their gradual declines and so Turkish buyers postpone their import bookings after the Feast of Sacrifice holiday.