Having declined as of the first week of April, the downward trend of import scrap prices in Turkey gave way to an upward movement last week. As a result, domestic billet quotations in Turkey have increased by an average of $10/mt week on week to $395-415/mt ex-works. The rises seen in import billet and scrap prices have supported this upward trend of domestic billet quotations and market sources believe that Turkish steel mills may increase their billet prices further in the short term.
Ex-CIS billet offers to Turkey have also moved up, increasing by $5/mt on the lower end week on week to $395-410/mt CFR. Before this increase recorded in ex-CIS billet offers, a Russian steel producer concluded two billet deals to Turkey at the beginning of last week at $387-388/mt CFR, while no new sale from the CIS region to Turkey has been heard in the current week.
Meanwhile, Chinese billet export prices have increased by $30/mt during the past week to $405-415/mt FOB, in parallel with the rises seen in iron ore quotations. Chinese billet exporters have failed to provide a price or delivery advantage for Turkish buyers for a long while now, with Turkish demand for Chinese billet remaining at low levels, while it is considered very unlikely that Chinese suppliers will be able to conclude billet sales to Turkey in the short term.