Billet prices in Turkey have continued increasing as had been expected, resulting from chaotic demand from those trying to cover missing shipments, and from those trying to increase margins in the future, believing that prices will continue to rise rapidly.
Following a 10,000 mt local sale at $800/mt ex-works, the indicative offers have climbed to $820-825/mt ex-works in the local market. Moreover, traders are seeking to cover their positions to other destinations, mainly Egypt, according to SteelOrbis’ evaluation. One of the main Marmara region-based suppliers is offering at $820/mt FOB. In addition, 10,000 mt have been sold at $800/mt FOB from the Iskenderun region.
In the import segment, according to some sources, Russian origin billet is offered at $780/mt CFR, while ex-Donbass billet is at $725-735/mt CFR Turkey. “All ex-Novorossiysk, they [sellers] are taking sanction and insurance risks, all spot but the port is crazily congested,” a trader told SteelOrbis. “It is not possible. It is illegal and against common sense to trade with Russia after it started and continues the war,” another source said.
In the meantime, ex-Asia billet offers have been mainly reported as coming from Indonesia, India and Vietnam at around $815/mt CFR. Recently, Vietnam sold a 20,000 mt billet cargo at $730/mt FOB, which most probably will be destined for Turkey or North Africa.