It has been a quiet week in terms of the square billet trade in Turkey, partly as some buyers had restocked earlier. Another reason is that import scrap price levels have weakened slightly in the latest deep sea deal, resulting in cautious moods in the semis and finished steel segments in Turkey.
Domestic billet prices have remained relatively stable in Turkey this week, with $405-410/mt ex-works levels seen in Iskenderun with the latest deals closed at $404-405/mt ex-works for medium-sized lots. In the Izmir region, offers are at $400-410/mt ex-works and above with no sales reported this week.
In the import segment, the offers vary depending on the seller and the origin. First-tier CIS-based mills insist on $390-395/mt CFR levels, while second-tier mills are reportedly ready to sell at $5-10/mt lower. In the meantime, semis originating from the east of Ukraine are offered to the market at $375-380/mt CFR levels. “Weaker scrap will leave no room for higher billet offers unless finished steel demand improves,” a trader told SteelOrbis.