It is observed that demand in the local Turkish billet market has remained at low levels in the past week, while domestic billet prices in Turkey have fallen by $5/mt week on week to $450-455/mt ex-works amid the weakness of demand. Additionally, SteelOrbis has been informed that some mills are offering prices for spot sales at $460/mt ex-works.
Market sources state that both buyers and sellers have adopted a cautious stance amid the fluctuating Turkish lira-US dollar exchange rate which has recently indicated sharp depreciations in the value of the lira. Meanwhile, buyers are exerting downward pressure on both domestic and import billet prices and are expecting a fall in prices, market sources report.
SteelOrbis has also been informed that CIS-based billet producers’ offers to Turkey in the current week are at $430-435/mt FOB but buyers are giving firm bids at $430-435/mt CFR.