Domestic
billet prices in
Turkey have remained unchanged over the past week and are still moving in the range of $430-440/mt ex-works. Market sources report that the volume of domestic
billet supply is still at low levels, while market players are mostly maintaining a wait-and-see stance as they are waiting for an announcement regarding the margin of the planned reduction in the customs duty on rebar imports. Meanwhile, Ramadan has caused trading activity in the Turkish domestic market to slow down.
Ex-CIS
billet offers to
Turkey have also moved sideways over the past week, remaining at $410-430/mt CFR, while market sources state that Turkish finished steel producers are accepting prices at $405-410/mt CFR and an ex-CIS
billet deal has even been concluded in this range.
Meanwhile, Chinese
billet export prices have decreased by an average of $5/mt week on week to $415-420/mt FOB. Turkish steel mills have been staying away from Chinese exports for a long time and, although they have occasionally been experiencing difficulties in procuring
billet due to high prices as well as tight supply, they are unwilling to conclude
billet purchases from China. Demand for Chinese
billet in
Turkey is not expected to accelerate in the short term.