Demand in the local Turkish market has been at low levels in the past week, while locally produced
billet prices in
Turkey have continued their downward trend in the same period, declining by $40/mt on the lower end and by $30/mt on the upper end week on week to $380-420/mt ex-works. Turkish steel producers have focused on their finished steel sales which are currently characterized by weakness in both the domestic and export markets, while it is observed that they are unwilling to conclude
billet purchases before seeing any improvements in their finished steel sales.
Meanwhile, Chinese
billet offers to
Turkey have decreased by $20/mt week on week to $325-335/mt CFR. On the other hand, ex-CIS
billet offers to the same destination have softened by $5/mt week on week to $365-375/mt CFR. Turkish buyers believe that their firm bids below these price levels would be accepted by the Chinese and CIS-based
billet suppliers if they decide to resume their
billet purchases.