Demand still weak in Turkish billet market

Wednesday, 09 January 2019 17:46:08 (GMT+3)   |   Istanbul
       

Over the past week, demand in the local Turkish billet market has remained slack. Turkish buyers have adopted a wait-and-see stance due to the downward movement of import scrap prices and due to the decreasing demand for long steel in Turkey. Turkish mills have maintained their domestic prices at $425-435/mt ex-works week on week. Meanwhile, according to market sources, Turkish producer Kardemir has received no offer for its domestic billet sales that it opened at the price level of TRY 2,725/mt and TRY 2,761/mt ex-works, excluding VAT ex-works, on January 4. Meanwhile, considering the recent depreciations of the Turkish lira against the US dollar, no recovery is expected in the Turkish economy in the short term. Accordingly, demand in the local Turkish billet market is unlikely to increase.


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