Global economic uncertainty and high prices keep billet markets silent

Thursday, 11 August 2011 17:38:04 (GMT+3)   |  
       

This week, Turkish mills' steel billet export offers have softened by $5/mt as compared to last week due to the rapid appreciation of the US dollar against the Turkish lira and softened finished steel prices, with steel billet export offers regressing to $690-700/mt FOB on actual weight basis, for September shipments.

Witnessing a good level of demand for steel billet for a while now, in the Syrian and Egyptian markets buyers are currently delaying their purchases due to Ramadan and the unstable economic situation in international markets. Particularly in Syria the situation is worse, with the influence of the strong political turmoil in the country.

On the other hand, in Europe the continuing summer holiday deepens the silence of the market.

In this week's Turkish domestic billet market, prices have remained unchanged at $700-710/mt + VAT ex-works on actual weight basis.

As for ex-CIS steel billet offers, also due to the inactivity of buyers because of uncertain market conditions and the summer holidays, prices have remained at $675-680/mt FOB on actual weight basis, for September shipments.

In July this year Turkey's top 10 steel billet export markets were as follows:

 Country

Volume (mt)

July 2010

July 2011

 Egypt 

17,510

74,280

 Syria

 - 

70,079

 Saudi Arabia 

55,000

20,816

 Ethiopia

 - 

9,550

 Jordan 

 - 

5,950

 Germany 

1,384

2,661

 Tunisia 

650

 Austria 

 1,059

537

 Romania 

87

404

 UK

75

352

Source: Istanbul Mineral and Metals Exporters' Association (IMMIB)

In July, Turkey's total steel billet exports amounted to 185,876 mt, decreasing by 10.41 percent year on year.


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