Demand in the local Turkish market has been at very low levels in the past week, while locally produced
billet prices in
Turkey have declined by $25/mt on the lower end and by $20/mt on the upper end week on week to $420-450/mt ex-works, though there have not been many offers heard in the market. Buyers have been in no rush to conclude new
billet deals as they first want to see some improvement in finished steel sales. Considering the current levels of finished steel quotations, domestic
billet prices are believed to be on the high side and so they are expected to decline further when
billet sales resume.
Meanwhile, Chinese
billet offers to
Turkey have increased by $20/mt week on week to $345-355/mt CFR. On the other hand, ex-CIS
billet offers to the same destination have decreased by $40/mt on the lower end and by $55/mt on the upper end week on week to $370-380/mt CFR. However, Turkish buyers are unwilling to conclude import
billet purchases before seeing any improvement in their finished steel sales.