Domestic billet prices in Turkey move down

Wednesday, 03 April 2019 17:39:33 (GMT+3)   |   Istanbul
       

It is observed that Turkish billet producers have reduced their domestic prices by $7.5/mt week on week to $460-470/mt ex-works due to the slackness of demand in the current week.

The lack of an official result in some regions after the local elections in Turkey held on March 31 has negatively influenced the local Turkish billet market, market sources report, and, with the Turkish lira continuing its weak trend against the US dollar, buyers in the market are cautious as they wait for the final election results.

Meanwhile, though they have declined in the most recent deals, scrap quotations are expected to fall further. This expectation has caused buyers to limit their demand for billet, thereby exerting pressure on billet prices.

On the other hand, Turkish billet mills have reduced their export offers by $5/mt week on week to $455-465/mt FOB. While demand received from foreign buyers for Turkish billet is observed to be weak, Turkish mills are also having a hard time in their export markets due to their competitors’ billet offers at $440-450/mt FOB. Additionally, international buyers’ firm bids for Turkish billet are at $435-440/mt FOB, though no deal has yet been concluded in this price range.


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