Bids for CIS steel billet slip, offers slow to follow
Bids for steel billets of Commonwealth of Independent States origin are notably lower than offers this week.
The market remains unsettled until next week when producers are expected to offer November rolling more actively, market sources said.
On Wednesday S&P Global Platts daily billet assessment was $470/mt FOB Black Sea, down $2 from Tuesday.
The lowest asking price heard recently was $475/mt FOB Novorossiisk, a trader said. The producer confirmed it. Two other CIS exporters indicated offers at minimum $480/mt FOB Black Sea.
A producer said they had "numerous inquiries at $470/mt FOB and $464/mt FOB." The company said it rejected low bids and stood firm at $480/mt FOB. At the same time, there is no market to accept $480/mt FOB or even $475/mt FOB Black Sea, several traders said.
The Far Eastern markets, periodically very attractive for CIS mills, currently seem out of the CIS price range. Exporters in Qatar, Saudi Arabia and Oman have offers at $475/mt FOB Persian Gulf, which is should be more competitive than the CIS.
Two Turkish buyers said on Wednesday they didn't find CIS offers interesting given the local billet availability at $480-$490/mt ex-works.
Among the largest buyers, Egypt looked the most likely to see some trades from the CIS in the near future. Asking prices were heard in a range of $500-$507/mt CFR. An Egyptian trader quoted bids at $495-$500/mt CIF. These suggested trades could happen around $500/mt CIF, or $575/mt FOB Black Sea. Another trader argued, however, that he would have to get CIS billet at $490/mt ($465/mt FOB) CIF Egypt to do viable business.
source: S&P Global Platts
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