It is observed that domestic billet prices in Turkey have moved up further by an average of $20/mt during the past week and are currently at $550-560/mt ex-works. The rises recorded in import scrap prices over the past two weeks continue to be reflected in domestic billet quotations, while Turkish steel mills have also seized the opportunity to increase their domestic billet offers given the current high levels of rebar and wire rod prices as well as the tightness of domestic billet supply.
In addition to the local Turkish billet market, ex-CIS billet offers to Turkey have also maintained their upward movement over the past week, increasing by $15/mt on the lower end and by $10/mt on the upper end week on week to $530-540/mt CFR. Having been concluded in the range of $525-535/mt CFR Turkey during last weekend, market sources state that ex-CIS billet transactions have been concluded at $530-540/mt CFR Turkey this week.
SteelOrbis has been informed that Turkish billet buyers have accelerated their domestic and import billet purchases slightly due to the depreciation of the Turkish lira against the US dollar on February 20-21, which led to concerns regarding a possible further loss of strength of the Turkish lira as well as expectations of a further increase in billet quotations. Also, market sources state that billet deals in Turkey are currently being concluded in the abovementioned price ranges.