Business has been moderate in the Turkish billet market, partly as most buyers have restocked over the past couple of weeks, but also since allocation from the CIS has been limited. Moreover, suppliers are not in a rush to sell since import scrap prices have increased again in Turkey.
According to the latest information, a cargo of wire rod grade billet from the CIS has been sold at $598/mt CFR Iskenderun for prompt shipment. Earlier this week, as SteelOrbis reported, a 10,000 mt lot was sold at $585/mt CFR. The offers are mainly at $590-605/mt CFR, but market players expect prices to increase further next week. “Scrap is at $450/mt CFR and above. Also, the billet volumes are not there,” a trader said.
In the local Turkish market, most offers are indicative and are standing at $590-600/mt ex-works. No deals have been reported, but market players generally assume business will revive early next week as the market fundamentals seem firm.