The downtrend of ex-Turkey steel billet offers of the last five weeks has also continued this week. Offer prices were standing at $595-600/mt FOB last week. An ex-Turkey billet transaction at $595/mt FOB last week was insufficient to prevent prices from further softening due to significantly weaker scrap prices and uncertain market conditions. Accordingly, Turkey's billet export prices have declined by a further $10/mt to $585-590/mt FOB, the lowest level since mid-November last year.
As SteelOrbis previously reported, ex-CIS billet offers to Turkey have decreased to $575/mt CFR Marmara Sea ports, as of last Friday, June 1. As a result, it is thought that Turkish mills are unlikely to succeed in concluding steel billet transactions at above $585/mt FOB. Turkish steel billet offers may see some adjustment, as ex-CIS billet offers are currently at $560-570/mt FOB.