As a result of the declines seen in ex-CIS
billet prices as well as the weakness of domestic
billet demand in
Turkey, Turkish producers' domestic
billet quotations have decreased by an average of $10/mt week on week and are now in the range of $390-400/mt ex-works.
During the past week, ex-CIS and Chinese
billet offers to
Turkey have declined by $10/mt on the lower end to $390-410/mt CFR.
Market sources state that Chinese
billet is still unable to provide any price or delivery time advantage for Turkish finished steel producers and so, despite the rapid declines seen in Chinese
billet export prices, Turkish producers' demand for Chinese
billet has not improved. On the other hand, demand for ex-CIS
billet in
Turkey has not revived either and is still at low levels as buyers consider ex-CIS
billet offers to be on the high side, and also as buyers are mostly choosing scrap instead of
billet due to more attractive costs. Meanwhile, a small number of buyers in
Turkey prefer to purchase
billet from local producers.