Steel billet prices in the CIS continue to rise

Billet prices in the CIS continue to rise, reaching $ 450 per tonne via the Black Sea for closed deals, with major producers currently supplying $ 450-460 per tonne on FOB terms.

The Russian company sold a billet vessel to the Middle East at this level, the first in several months, indicating that producers in the region are gearing up to produce more rebar in anticipation of rising demand. The same manufacturer also sold the billet to Turkey at a slightly lower price. Traders said Turkey's appetite for imported billets also appears to be on the rise as inquiries and preliminary business discussions are underway at $ 445-450 /tonne at Black Sea level.

Turkish factories expect rebar demand from Asia and Southeast Asia to skyrocket next week when markets reopen after a two-week hiatus. Traders note that bids have already increased by $ 40-50 /tonne last week: Singapore offered rebar with a theoretical price of $ 525 /tonne and South Asia with an actual weight of $ 540 /tonne for very large tonnes ...

Turkish billet is being offered at $ 470-480 /ton and some traders say there are some orders likely to have been hit by Vale's iron ore cut.

The Ukrainian plant closed the tender on Wednesday at $ 437 /tonne with a small prepayment, which equates to approximately $ 445 /tonne under the terms of the Black Sea letter of credit.