This week, demand in the Turkish
billet market is still at low levels, while domestic
billet prices have remained stable over the past week in the range of $285-300/mt ex-works, excluding 18 percent VAT, and for February production. Meanwhile, CIS-based
billet dealers have been slowly returning to the market, with an increase of $10/mt on the lower end and a rise of $14/mt on the upper end in their
billet offers to
Turkey, which are now at $265-270//mt CFR.
Meanwhile, Chinese
billet offers to
Turkey have remained unchanged in the range of $255-260/mt CFR. The uptrend of scrap prices has contributed to the rises seen in
billet prices. However, demand for Turkish finished steel in both local and export markets has remained quiet. Turkish buyers are in no rush to conclude new
billet deals due to the weak sentiment in the market and so
billet prices still remain under downward pressure.