In the past week, in line with the strong trend seen in the raw material markets, CIS steel billet producers have returned to the market with increased prices. Having almost filled their order books for February production, some steel billet producers have not yet announced any new offers, while other steel billet offers have been in the price range of $650-670/mt FOB. Meanwhile, one steelmaker from the CIS has returned to the market with its steel billet offers at $675/mt FOB. However, it seems that buyers are not showing interest in these high steel billet offers.
In the Turkish steel billet market, following last week's increased scrap prices, both domestic and export offers have increased this week. In the Turkish market, some steel billet transactions have been concluded at $690/mt ex-works. Early this week, steel billet import offers followed a strong trend for some time. However, after Turkish buyers had halted their purchases by the middle of the week, some traders have reduced their offers for imported steel billet. At the beginning of the week, steel billet import offers to the Turkish market were generally at $680-685/mt CFR, while some higher offers are reported to be heard in the market. Meanwhile, some international traders have revised their steel billet offers to $680/mt, decreasing them by $12-14/mt.
This week, Turkish rolling mills have postponed their steel billet bookings, due to the uncertainty in the raw material market. Turkish mills' steel billet export offers have been at $680-685/mt FOB. Following the current week, when transaction activity almost halted, steel billet producers are expected to clarify their offer levels next week in line with the new scrap price trend.