Turkish billet export prices still point downward

After trending down for the past six weeks, Turkey’s steel billet export offers now seem to have settled at $560-570/mt FOB at the beginning of this week, slightly down from last week’s export price level of $565-570/mt FOB. However, as market players are still waiting for prices to hit the bottom, no large volume transaction has been heard so far at this price level. Demand for Turkish billet has remained fairly low and buyers prefer just to monitor the Turkish steel market, where scrap import prices are on a downward track.