Turkey’s billet market has continued to see most of its activity in the local segment, while imports have remained subdued. Low rebar prices and the recent slide in import scrap deal prices have resulted in the ongoing mismatch between offers and bids for ex-CIS billet, in most cases.
In the local market, according to sources, close to 20,000 mt have been recently sold at around $590/mt ex-works Iskenderun, while the previous deal closed last Friday was at $586/mt ex-works in the same region. Buyers from the Izmir region have been purchasing 2,000-3,000 mt lots at up to $605/mt ex-works, with a subsequent increase in offers to $615/mt ex-works and above.
In the import segment, offers vary depending on the supplier. Large mills from the CIS are still targeting $620/mt CFR and above, while the smaller sellers are ready to deal at $595/mt CFR Bartin and $600/mt CFR Izmir. A deal for 6,000 mt of billet has been signed at $595/mt CFR Izmir and the sources believe it was for billet of eastern Ukrainian origin. In addition, a sale for wire rod grade billet has been rumored at $615/mt CFR, but this has not been confirmed by the time of publication. “Scrap is down and I think today there is hardly any serious bid in Turkey for large volumes,” a trader told SteelOrbis.