Turkish billet prices weaken due to low demand in Asia

Turkish billet prices weaken due to low demand in Asia

Turkish billet exporters are going through difficulties with the billet prices going down due to the low demand from the Asian market. On top of that the rising scrap prices and freight rates make it even more difficult to book cargoes for Taiwan or Chinese destinations. A further rise in the scrap prices is also expected with China, entering the market in the coming weeks. Due to such situation in the market, margins for Turkish billet exporters become tighter and tighter to such an extent that even some mills are considering to stop production.