Turkish billet export offers move up from the bottom

The Turkish steel market now seems to have abandoned its downtrend and switched to upward movement instead. After declining to $565-570/mt FOB last week, ex-Turkey billet offers have reached $575-580/mt FOB this week, as  Turkish mills have concluded new scrap bookings and as scrap prices in these bookings have not showed steep decreases, and also due to increased transaction activity in the domestic market for rebar and steel billet.
 
While most market players are expecting further increases in Turkey's billet export prices, it is thought that the price uptrend may not last long if foreign demand for Turkish billet fails to show a significant improvement.