Import scrap prices in
Turkey have remained stable since the beginning of the current week, while import
billet prices have increased in the same period. As a result, domestic
billet quotations in
Turkey have moved up by $20/mt week on week to $415-430/mt ex-works. Additionally, supply in the local Turkish rebar market still remains tight and the resulting price rises seen in the domestic rebar market have supported the upward movement of domestic
billet quotations.
Following the previous rebound in iron ore prices in China, iron ore quotations once again started to fall on May 3 and continued their downward movement until May 9, causing Chinese
billet export prices to decline to $395-405/mt FOB in this period. However, with iron ore prices increasing on May 9, Chinese suppliers have increased their export
billet quotations to levels of $400-410/mt FOB, which are approximately $5/mt lower than the price levels recorded on May 3. Demand for Chinese
billet in
Turkey had already been at low levels for a long time and, according to reports, Turkish buyers still show no interest in Chinese suppliers'
billet offers.
Meanwhile, ex-CIS
billet offers to
Turkey have increased by $15/mt week on week to $410-425/mt CFR. Demand for ex-CIS
billet in
Turkey has revived slightly during the past week amid the sharp rises seen in domestic
billet quotations as well as due to the tight
billet supply caused by steel producers' decision to focus on rebar sales rather than on
billet sales. Market sources also report that Turkish buyers have concluded ex-CIS
billet deals at $410/mt CFR for June deliveries.