Billet trade in Turkey has been slow this week. Active purchases have been postponed until import scrap prices, which have started to decrease, gain some more clarity. Another reason for the silence in the market is the fluctuation of the Turkish lira-US dollar currency rate.
Local prices in the Iskenderun region are at around $425/mt ex-works, in line with last week. The level of $420/mt ex-works is also considered possible, but customers prefer to wait for now. In the Izmir region, the number of offers has been scarce; one mill is reportedly ready to deal at $420/mt ex-works for cash payments. Around $425/mt ex-works is said to be available in the Karabuk area from the local EAF-based supplier, but buyers in this region are waiting for Kardemir’s announcement due next week. The expected level is $420-425/mt ex-works, while some foresee lower levels.
In the import segment, offers are at $410-415/mt CFR at the lowest, while some levels $5/mt higher also exist but are not considered workable. Once again, buyers are on hold, waiting for some moves from Kardemir and a clearer picture in the import scrap segment, SteelOrbis understands.