It is observed that the acceleration seen in domestic billet sales in Turkey last week has slowed down in the current week and that demand in the local Turkish billet market is currently weak. Despite very sluggish trading activity at the beginning of the current week, prices in the local Turkish finished steel market have increased slightly due to the sharp depreciation of the Turkish lira against the US dollar, and so buyers have concluded some finished steel purchases in expectation of a further rise in local prices. However, this has not reflected in demand in the local Turkish rebar market which has remained weak. Accordingly, billet buyers in Turkey have maintained a wait-and-see stance in order to monitor the future trend of the market.
Meanwhile, the mostly downward movement of Chinese billet and rebar export prices since the beginning of the current week has caused international buyers to maintain a cautious stance. It is also observed that the 25 percent Section 232 tariff imposed by the US on steel imports has had a negative influence on the global steel trading activity.
Under the current circumstances, Turkish billet producers, which have received weak demand from their domestic market this week, have kept their domestic billet prices stable week on week at $580-590/mt ex-works. However, market sources state that there are not many billet offers in the market as demand remains weak.