After a number of scrap deals which were signaling price stabilization in the Turkish market, import billet quotations have also been relatively stable in the latest medium-sized sales.
In particular, a contract for 30,000 mt of ex-UAE billet was signed at $545/mt CFR Izmir for June shipment late last week. The price has been assessed by most market sources as being on the low side. In addition, there has been information about a sale of 15,000 mt of Indian billets at $545-550/mt CFR, though some sources said that the price level was at $550/mt CFR or slightly above.
The most recent import billet offers to Turkey have been at $550-565/mt CFR, stable from last week. Chinese billets have been available at $550-560/mt CFR, but the long lead times are still the main restrictive factor for buyers. Ex-India billet offers have been heard at $560-565/mt CFR. Suppliers of ex-Malaysia billet have been attempting to push prices up to $580-585/mt CFR, from the previous $555-565/mt CFR, but these levels are considered too high for the current market. “I believe it will be easy to get the material [from Malaysia] at below $570/mt CFR,” a trader said.
At the same time, offers from Russia have been limited this week after a number of small-sized sales last week at $548-559/mt CFR for prompt shipment in June. Market sources are waiting for new offers at $550-560/mt CFR.
In general, the mood in the Turkish billet market is still mainly negative as demand has been very sporadic and buyers have been negotiating only at low levels. The tense situation in the political arena due to the elections has been impacting the market.