While the rebar price levels in Turkey have hit $600-620/mt ex-works and the import scrap trend is quite solid, the billet offer levels have also increased in Turkey. In fact, the awaited Kardemir sales were opened and closed at the expected levels, confirming the higher prices for billet in the local market. In addition, deals for small lots in other regions have also been reported, with new targets now set at even higher levels.
Kardemir announced billet prices at $540/mt for S235JR and $550/mt for B420 grade, both on ex-works basis. The offers marked the lower end of the general price range for billet in Turkey and the supplier succeeded in selling almost 40,000 mt before closing trade.
In the Iskenderun region, offers for billet stand at $550-560/mt ex-works, up from $537-540/mt ex-works in deals, closed earlier. In fact, around 5,000 mt have reportedly been freshly booked at $555/mt ex-works. Some mills, according to market sources, are expected to target $570/mt ex-works and above in the near future, but this will depend on rebar sales. In the Izmir region, a small sale has been reported at $560/mt ex-works, but the general range of offers in the area is at about $555-560/mt ex-works.
Import offers from China are at $510-515/mt CFR for May shipments, slightly down over a day, while there is a rumor about a deal at around $512/mt CFR, which has not been confirmed yet. The latest deal from Malaysia has been closed recently at $530/mt CFR for 10,000 mt, it is believed some volume is still available. Ukraine stands on $530/mt CFR for May shipment with no confirmed transactions seen just yet. The latest ex-Russia and Donbass offers have been reported at $490-505/mt CFR and up to $510/mt CFR for April-May shipments. However, today, April 1, buyers confirm they have received offers at $500-510/mt CFR at the lowest. With the latest developments, the price levels for these origins might hit $500/mt CFR and above in deals. SteelOrbis has decided to increase the ex-Russia billet reference price by $5/mt compared to the previous day to $465-475/mt FOB Black Sea, even though there have been no fresh trades reported so far.