Domestic billet prices in Turkey have fallen for the second consecutive week, decreasing by an average of $15/mt week on week to $525-530/mt ex-works amid the declines seen in import scrap quotations in Turkey during the past week as well as the weakness of demand in the local Turkish billet market.
Domestic billet purchases in Turkey have been at low levels against the backdrop of the absence of new deals in the local Turkish rebar market since the beginning of the current week and also due to the declines seen in import scrap quotations in the same period. In addition to the weak domestic billet demand in Turkey, the expectations of a downward movement in global steel prices have caused domestic billet purchases to be postponed, while this development has put further pressure on domestic billet quotations, market sources said.
Meanwhile, Chinese billet offers to Turkey standing at $540-545/mt CFR are still considered to be on the high side by Turkish buyers. On the other hand, CIS-based exporters’ billet offers to Turkey have once again declined this week by $10/mt week on week to $515-520/mt CFR against the backdrop of weak demand and the downward pressure on prices.