CIS (the Commonwealth of the Independent States) billet prices reach $350/t in sales to China
20 March 2020
According to Metal Expert: The plunge of imported scrap in Turkey continues to reflect on billet export prices, which fall day by day. Amid minimal demand in the Middle East and North Africa, suppliers focused on the Chinese market, where interest in purchases appeared after strict quarantine. This week, CIS suppliers managed to sell large lots on this destination.
Most billet suppliers from the CIS still do not quote particular offers, as prices change almost every day. Billet for may shipment is available at $360-370/t FOB Black Sea on average to North Africa and the Far East.
The key support is coming from China now. This week Russian suppliers managed to sell lots at $350-360/t FOB Black Sea. In particular, some 50,000 was marketed through a trader to a Chinese customer at $350/t FOB. Another Russian supplier sold 35,000 t at $360/t FOB. These lots were sold closer to the end of the week. At its beginning, some 40,000 t of CIS billet changed hands at $400/t CFR ($390/t FOB from Far Eastern ports). Moreover, at least 130,000 t was sold from Indonesia, Iran and India, Metal Expert reported.