Domestic billet prices in Turkey have moved down by $5/mt week on week to $430-435/mt ex-works. Buyers in the local Turkish billet market have continue to conclude purchases only in line with their needs, avoiding increases in their inventory levels due to the weakness of domestic rebar and merchant bar demand and due to lower scrap quotations.
Meanwhile, it is observed that Turkey’s billet export prices have remained stable over the past week at $425-430/mt FOB. Although it has not been confirmed by the buyer or the seller, SteelOrbis has been informed that Turkish mills have concluded deals to Saudi Arabia for a total of 40,000 mt of billet in the above price range. Additionally, a billet sale from Turkey to North Africa at $425/mt FOB has been heard by SteelOrbis.