Demand in the local Turkish
billet market has failed to improve over the past week and is still at low levels. On the other hand, with import
billet and import scrap prices maintaining their strength, domestic
billet prices in
Turkey have gained support, increasing by $5/mt week on week to $420/mt ex-works.
Chinese
billet export prices, which were at $470-485/mt FOB in the middle of last week, decreased to $450-460/mt FOB towards the end of last week. Chinese exporters then increased their
billet offers to $455-465/mt FOB on February 27 amid the sharp rises seen in iron ore quotations at the beginning of the current week and also due to the rumors of productions cuts in China ahead of the start of the National People's Congress on March 5. However, it is observed that Chinese
billet export offers have once again declined to $450-460/mt FOB, today, March 1.
In contrast to the fluctuating price trend seen in China, ex-CIS
billet export prices have maintained a sideways movement since the middle of last week and are still at $415-435/mt CFR. This price range is considered to be on the high side by Turkish steel producers, while market sources state that buyers in
Turkey are concluding purchases only in line with their needs and prefer to buy from domestic sources.