A lack of trading activity continued to put pressure on the Commonwealth of Independent States (CIS) export billet market in the week to May 26, sources said.Chinese customers – the major buyers of CIS-origin billet of late – remain inactive due to falling domestic billet and rebar costs while CIS producers had a limited number of places they could sell their billet, market participants told Fastmarkets.
“I don’t think any one is going to buy today because everybody is in ‘wait-and-see’ mode,” a Turkish trader told Fastmarkets.
Traders were offering CIS-origin billet for shipment in June at $685-690 per tonne cfr ($670 per tonne fob Black Sea), the same Turkish trader said.
Material from some of the major mills was available at $720-730 per tonne cfr ($705-710 per tonne fob Black Sea), sources said.
A Ukraine-based trader said that offers into Turkey could be found within $660-670 per tonne fob Black Sea.
One Russian trader said that small mills based in the CIS offered steel billet to Turkey at $683-685 per tonne cfr ($668-670 per tonne fob).
Another trading source from Turkey said their workable price for imported billet in the country slid to $660 cfr ($640-645 per tonne fob Black Sea) against $680 per tonne cfr earlier in the week.
Thus, Fastmarkets’ daily steel billet index, export, fob Black Sea, CIS dropped to $670 per tonne on Wednesday, down by $10 per tonne day on day.
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