According to market sources, billet prices in the Turkish domestic market have increased by $7-10/mt since last week to $519-535/mt ex-works. In the meantime, Turkish steel producer Kardemir has not received any demand yet for its domestic billet sales which were opened today. Market sources state that buyers have almost completed their stock purchases with Kardemir's previous billet sale which was opened on July 17 and they have no rush for new orders.
On the other hand, local billet producers have revised their prices upwards since import scrap prices continue to increase and Ukraine-based Metinvest announcement that the company has decided not to accept new export orders. Meanwhile, ex-CIS billet offers to Turkey have increased by $5-10/mt over the past week and are currently at $520-530/mt CFR.