Buyers in the local Turkish billet market emerged from their long-standing wait-and-see stance last week, following the change seen in import scrap quotations which recorded a slight increase. They also started to replenish their inventories as these were at low levels and also due to their expectations of a further rise in domestic billet prices. However, trading activity in the local Turkish billet market has been negatively influenced by the uncertainties resulting from the record depreciation of the Turkish lira against the US dollar over the past week. On the other hand, SteelOrbis has been informed that Turkish billet producers are still giving offers to their domestic market.
Following the rises in import scrap prices in Turkey, domestic billet quotations have also increased by $10/mt week on week and are currently at $535-545/mt ex-works.