CIS origin 3SP-5SP billets are currently being offered for export at around $530-535/mt FOB Black Sea for late January/early February shipments.
CIS mills continue to increase their offers with the help of strong demand from the Middle East. On the other hand, Europe is not interested in these offers due to the low prices of long products. Buyers in the Middle East are keen on offers not higher than $520-525/mt FOB. For the time being, the market does not seem to be easily accepting the new offer levels. The fact that the Iranian market, which had problems in purchases due to financial difficulties, seems to have solved these problems by means of pre-payment has helped offers to reach the levels mentioned above.