Demand in the local Turkish
billet market has remained at low levels in the past week, while domestic
billet prices have continued their upward trend in the same period, increasing by $20/mt on the lower end and by $10/mt on the upper end to $445-470/mt ex-works.
Meanwhile, Chinese
billet offers to
Turkey have declined by an average of $10/mt week on week to $390-400/mt CFR. Market sources state that
billet inventories at Chinese ports are on the high side, while the declines seen in ex-China
billet offers are expected to continue in the coming days. Chinese
billet offers to the export markets have fallen for the first time since the middle of March.
Additionally, ex-CIS
billet offers to
Turkey have remained unchanged during the past week in the range of $435-460/mt CFR. However, Turkish buyers are expected to put pressure on ex-CIS
billet offers against the backdrop of the fall recorded in Chinese
billet export offers.