Turkish billet export offers

Turkish billet export offers are currently in $420-430/mt FOB price range, for October shipments. Billet prices came down to $400/mt FOB levels, due to some mills' aggressive sales policies in late July / early August. Ex-CIS billet offers that held on to $390/mt FOB Black Sea due to the strong domestic market, rebar bookings concluded to Gulf region and the revival in Turkish local market supported Turkish origin billet prices to rally slightly. In addition, the slight rally in scrap market last week and short billet exports compared to late July also sustain the slight rally in prices.