It is observed that the recent protectionist measures and investigations initiated against steel imports in the international markets have negatively influenced buyers in the local Turkish billet market. Additionally, after the upward movement of import scrap prices in Turkey, which had started at the beginning of February, came to an end in the middle of March, import scrap prices in Turkey have indicated downward movement and this development has caused expectations of a further decline in steel prices. As a result, buyers have retreated from the local Turkish billet market, resulting in weak domestic billet demand.
Accordingly, domestic billet prices in Turkey have decreased by $15/mt on the lower end and by $20/mt on the upper end week on week to $545-550/mt ex-works. SteelOrbis has been informed that buyers are targeting price levels $10-15/mt lower than this range.