While downward movements continue in the steel markets, where demand slackens day by day, Turkish steel billet export offers have declined to $565-570/mt FOB, down from last week's price level of $570-580/mt FOB. With this latest price drop, Turkish steel billet export offers have now reached levels which were last recorded in November 2010. No transaction has been heard so far at the decreased prices, while it remains difficult to predict the eventual bottom level of prices.
The pessimistic mood in the market is particularly evident in what market players say, and so producers may cut their production in order to avoid further price decreases.