Ex-Europe offers exert downward pressure on billet market

Turkish rolling mills, which mostly meet their semi-finished needs in the domestic market, as well as from the CIS, have lately been enjoying European origin billets at lower prices as the US dollar has strengthened against the euro.
 
Last week, a Turkish mill concluded an ex-Europe billet deal at the level of $550/mt CFR, while the price in question was more attractive than domestic prices and ex-CIS offers. With current billet prices in the Turkish domestic market at $565-575/mt ex-works and CIS offers to Turkey at $560-570/mt CFR Marmara, it is possible to say ex-Europe prices have been exerting downward pressure on the billet market, similar to the situation in the rebar market.