According to market sources,
billet prices in the local Turkish market have declined by around $15/mt compared to last week to the range of $380-395/mt ex-works, varying depending on the region, amid declining import scrap prices. On March 24, domestic steelmaker Kardemir opened its sales for S235JR grade billets at the level of $380/mt ex-works, excluding VAT, and also opened its sales for MT III-A grade billets at $385/mt ex-works, excluding VAT. Compared to the price list issued on February 18, the producer increased its
billet prices by $10/mt, while it still has not received any demand.
Billet demand in the local Turkish market has been negatively impacted by the production cuts of rolling mills in
Turkey's Iskenderun region against the backdrop of the ongoing weakness of rebar demand, particularly in the same region. Meanwhile, ex-CIS
billet offers to
Turkey are currently in a wide range of $355-370/mt FOB, but market sources state that no new deals have been heard yet at these price levels.