The sluggishness in the Turkish construction sector continues to have an impact on the local Turkish billet market against the backdrop of political uncertainties, economic problems and Ramadan. As a result, buyers in the local Turkish billet market are still unwilling to conclude new purchases and are only buying in line with their needs in order to avoid carrying high inventories. Turkish billet mills have reduced their domestic prices by $7.5/mt week on week to $430-440/mt ex-works due to downward pressure from the weakness of demand.
Meanwhile, ex-CIS billet offers to Turkey have remained stable during the past week at $425-435/mt CFR. SteelOrbis has been informed that negotiations are continuing to conclude actual deals at prices lower than these offer levels.
On the other hand, Turkey’s billet export offers have declined by $5/mt week on week to $425-430/mt FOB. Most international buyers have adopted a wait-and-see stance in terms of purchases due to potential decreases in Turkish billet offers due to the declines seen in scrap quotations.