According to market sources, demand and transaction activities in the local Turkish
billet market have failed to improve amid the sharp declining trend of scrap prices and the lack of any sign of improvement in the local rebar market. In this context,
billet prices in the local Turkish market have remained stable in the range of $440-450/mt ex-works. However, buyers' price expectations are in the range of $420-425/mt ex-works. It has been heard that spot purchases of small tonnages have been concluded in the local market in line with buyers' needs, but market sources say that these transactions do not indicate that demand is lively. Meanwhile, rumors have been heard in the market that Turkish steelmaker Kardemir will open its local
billet sales soon with revised prices.
On the other hand, ex-CIS
billet offers to the export markets have declined by approximately $10/mt over the past week to $385-390/mt FOB. The latest ex-CIS deal to
Turkey was concluded at $410/mt last week, while no new transactions have been concluded in the current week, yet new deals are likely to be heard, according to market sources. Additionally, Chinese offers to the Turkish
billet market are in the range of $375-380/mt CFR. Market sources state that some Turkish steelmakers have made inquiries for Chinese
billet following the ex-China deal concluded last week for 40,000 mt at $390/mt CFR, while market players say that the inquiries may turn into deals in the coming days.