CIS square Billet exporters (Middle East and North Africa are
buyers) continue to lose ground on sluggish Turkish scrap market. Sellers of
Ukrainian and Russian products also face devaluation of euro against US dollar,
which makes EU billet more attractive in North Africa.
As a result, CIS square billet makers
reduce price from the Black Sea ports to $585/t FOB. Cutomers are willing to
buy at $5-10/t less except that of Saudi Arabian re-rollers. Its producers wish
to sell at $610/t FOB to the Far East, but buyers are ready at $10-20/t lower.
Suppliers either keep offers unchanged or prefer to leave markets for some time.
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