According to market sources, Turkish producers' domestic billet prices have decreased by $5/mt on the upper end week on week to $410-430/mt ex-works. Turkish buyers have slowed their purchasing activities for locally produced and imported billet amid political uncertainties ahead of the general election on June 7 and also amid the fluctuations recorded in the US dollar-Turkish lira exchange rate. However, with import scrap prices increasing further, Turkish buyers are expected to speed up their billet purchases according as their stocks decline.
Meanwhile, during the past week Chinese billet offers to the Turkish market have remained at $370-375/mt CFR, with discounts of $10/mt. Chinese suppliers' discounts have increased the downward pressure on prices in the local Turkish billet market. In this context, market sources report that Chinese billet offers for Turkey are actually in the range of $360-370/mt CFR for actual deals. Also, ex-CIS billet offers to Turkey are still in the range of $395-400/mt CFR. However, no deals for CIS billet have been concluded in Turkey yet.