Turkey’s billet market cautiously optimistic

Friday, 04 October 2019 16:39:31 (GMT+3)   |   Istanbul

As import scrap prices have somewhat stabilized in Turkey and as some positive sentiments have started to form, domestic billet market players are also more optimistic these days. Prices of billet have been generally stable, with the highest activity seen in the export segment since the last week of September.

Indicative billet export offers from Turkey remain at around $355-360/mt FOB. However, sources report that hardly any supplier is active today, October 4, as some tonnages were transacted for export since late last month. In particular, around 20,000 mt were closed to Tunisia, some medium lot was booked to a trader for the Far East, with prices ranging roughly within $355-360/mt FOB, for October shipment. Algeria has also been also active, with around 15,000-20,000 mt of ex-Turkey billet sold at $375/mt CFR, which corresponds to $355/mt FOB. In addition, a 10,000 mt cargo has been booked from the EU to Algeria at €340/mt CFR or around $370/mt CFR, SteelOrbis has learned.

Import billet offers have mainly been coming at $370-375/mt CFR to Turkey, with some deals reported at $5/mt lower levels to the north of the country, though for small volumes. Bids from Turkey are rare and are mostly ranging at $360-365/mt CFR, while sellers are not in a rush to sell. “Finally, we feel that the downturn might be reversed in Turkey in scrap and billet. Also, the CIS is not under much pressure to sell although we cannot say that the allocation is much more limited compared to September,” one of the sellers mentioned.

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