Buying activity in the CIS billet export market has been limited over the past week, sources told Metal Bulletin on Monday May 29.
Customers in the Middle East and North Africa (Mena) region backed off last week, partly due to the approach of Ramadan, while Turkish customers showed no interest in semi-finished product, opting instead for scrap.
And CIS suppliers, having sold out most of their June billet output, have not been too active with offers.
“The market was unusually quiet,” one trader said. Ukraine`s Elektrostal sold a 10,000 cargo to the customer in the Middle East at $390 per tonne fob Azov Sea, which would be equivalent to $395 per tonne fob Black Sea. Recent offers from the mill were heard at $395 per tonne fob Azov Sea or $400 per tonne fob Black Sea for early July output.
Price indications from other CIS mills, including ArcelorMittal Kryvyi Rih in Ukraine and Russia’s Novorosmetal, were reported at $400-405 per tonne fob Black Sea, although, no new bookings were confirmed.
In Turkey, which is one of the major outlets for CIS billet, bids were heard at $400-405 per tonne cfr. The estimated cost of freight to the country is around $15 per tonne. The bids were considered as too low by the sellers.
“Turks are not so interested to buy billet now and [is testing] the market with low bids,” one source said.
Meanwhile, in Egypt, where demand for domestic rebar has improved recently, market participants expect to see stable procurement even during Ramadan The optimism is based on the expectation that Egypt will soon be introducing anti-dumping duties against rebar from Turkey, China, and Ukraine.
Metal Bulletin’s CIS billet index strengthened to $397 per tonne fob Black Sea on Monday, up from $395 per tonne fob Black Sea a weekearlier
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