Billet market sentiment weakens in Turkey

Wednesday, 27 October 2021 15:05:11 (GMT+3)   |   Istanbul
       

Billet market sentiment has weakened somewhat in Turkey this week, amid the going negative situation in China and the overall unclear market prospects. The number of negotiations and deals has remained limited since most buyers prefer to watch market developments. Moreover, some sellers, specifically thoses from Russia, have decided to postpone offers, most probably counting on the cancellation of the export duty from January 1, 2022.

In the domestic market in Turkey, offers vary depending on the region. In the Marmara region, one producer decreased its price by $5-10/mt over the past week to $705/mt CPT. In Izmir, offers are mainly at $720-725/mt ex-works, while earlier some offers reached $740/mt ex-works. No firm offers have been reported in the Karabuk region, while the Iskenderun region-based mills are still standing at $720-730/mt ex-works.

On the import side, offers have been reported within a rather wide range - from $680-700/mt CFR from Asia traded for the cargoes earlier destined for China, to $710-725/mt CFR seen in the indications from the large CIS-based suppliers. The highest bids for ex-CIS medium-sized and large volumes have been heard at $700-705/mt CFR, while the workable price for the smaller lots from the CIS is at $680-685/mt CFR, down slightly over the past week. Sources report that there has been a purchase for ex-India billet at around $690/mt CFR, referring to the cargoes redirected from the Chinese market. While some players say the information has been denied by the buyer, others believe the transaction is quite possible if the cargo is due to be shipped in November. Still, most sources agree there are too many contradictory reports in the market. “That Indian and so-called Brazilian billet is to be shipped from the UAE… It smells like Iranian and I do not think that anyone will touch it. Scrap is still a better option,” a trader said.


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