In the steel billet markets, since buyers are taking their time assessing the market situation after the summer holidays in Europe and the Ramadan holiday in the Middle East, they have not started making purchases yet. Nevertheless, inquiries from North Africa and some Middle East markets have increased in number.
Following the Ramadan holiday, Turkish mills' steel billet export offers have remained unchanged at $695-705/mt FOB on actual weight basis, for shipments in October. In the Turkish domestic market, on the other hand, quotations have been maintained at the level of $690-700/mt + VAT ex-works, on actual weight basis.
In the meantime, ex-CIS steel billet export offers have remained firm in line with unchanged Turkish offers, staying at $680-685/mt FOB, on actual weight basis and for October shipments.
In August this year, Turkey's top 10 steel billet export markets were as follows:
Country |
Volume (mt) |
|
August 2010 |
August 2011 |
|
Saudi Arabia |
36,000 |
133,160 |
Egypt |
- |
54,465 |
Syria |
- |
32,230 |
Morocco |
- |
29,250 |
Italy |
1,081 |
15,041 |
UAE |
103,846 |
2,902 |
Austria |
764 |
1,216 |
Germany |
935 |
870 |
Israel |
9,007 |
703 |
Kenya |
1,932 |
609 |
Source: Istanbul Mineral and Metals Exporters' Association (IMMIB)
Assessing the above data, it can be seen that the year-on-year decline in Turkey's steel billet exports to the UAE was offset somewhat by the increase in exports to Saudi Arabia. In the meantime, Turkey's total steel billet exports in August this year amounted to 271,445 mt, rising by 9.42 percent year on year.