Russian billet prices have experienced a further decline of $5 due to ongoing decline in scrap. Russian billet is offered at $435-445/t FOB Black Sea for March shipment. This latest price reduction reflects the continued pressure from weaker market conditions in key steel product categories, including scrap and long steel.
Russian billet are being offered at around $455-460/t CFR Türkiye, which is approximately $435-440/t FOB. However, the gap between sellers' offers and buyers' expectations remains significant. Turkish buyers are seeking $10/t lower prices, with some bids voiced as low as $435 per ton CFR. The sharp drop in rebar prices in Turkiye has heavily influenced customer expectations, leading to downward price pressure on billet.
The rebar market in Türkiye has experienced significant price drops in recent weeks. This has led buyers to adjust their price targets, making it difficult for sellers to close deals at the higher levels previously seen. Despite the ongoing price discussions, the market remains in a state of uncertainty, with price negotiations continuing to be challenging.
In Southeast Asia, there are reports circulating in the market suggesting that Russian billet sales have become more active. One such unconfirmed transaction involves a potential sale of approximately 35,000-40,000 tons of Russian billet to Thailand at around $440/t ton CFR. If confirmed, this could signal a positive development for Russian billet exporters, as Southeast Asia appears to be emerging as a more promising market for their products.
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