This week, demand in the Turkish billet market is still at low levels, while domestic billet prices have remained stable over the past week in the range of $285-300/mt ex-works, excluding 18 percent VAT, and for February production. Meanwhile, CIS-based billet dealers have been slowly returning to the market, with an increase of $10/mt on the lower end and a rise of $14/mt on the upper end in their billet offers to Turkey, which are now at $265-270//mt CFR.
Meanwhile, Chinese billet offers to Turkey have remained unchanged in the range of $255-260/mt CFR. The uptrend of scrap prices has contributed to the rises seen in billet prices. However, demand for Turkish finished steel in both local and export markets has remained quiet. Turkish buyers are in no rush to conclude new billet deals due to the weak sentiment in the market and so billet prices still remain under downward pressure.