According to October results, billet offers from Russian Black Sea region suppliers remained unchanged at $524/ton FOB.
During the month, prices moved in different directions. The limited supply from Russia and the uncertainty in the commodity market facilitated a positive correction in the Turkish domestic market in the face of rising production costs of finished products.
At the same time, increased competition from suppliers from Asia and low demand for finished products contributed to the month-end decline.
During the first ten days of the month, the price of Russian billet rose as the freight increased due to limited supply and seasonal increase in grain supply.
However, due to volatile demand in Turkey, prices quickly dropped to $520-530/ton FOB. Small tonnage deals in the Turkish market were recorded at $580-597/ton CFR.
The last day of the second week of the month saw a slight increase in prices per square meter due to uncertainty in the commodity market, high finished product prices and limited supply of Russian semi-finished products. Russian mills and traders entered small-scale deals at $600-610/ton CFR for short-term deliveries.
However, at the end of the month, the price trend started to weaken and prices were corrected downwards in the face of increasing competitive offers from Asian and Gulf countries in the face of fluctuating demand in Turkey.
The deals of Russian billet suppliers were recorded at $570-575/ton CFR Turkey. Offers from Russia and Donbass remained limited. The current price for small tonnage and urgent deliveries is $580/ton CFR.
Demand from South African buyers was low. At the beginning of the month, demand prices from Tunisia were at $560/ton CFR. Russian billet suppliers' offer for Egypt was at $580-590/t CFR ($520-530/t FOB).
According to the statements of foreign sources, offers in the last week of the month decreased by $10/ton to $507.5/ton in the Black Sea region .
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