Turkish mills’ billet offers soften in line with scrap prices

This week, Turkish mills' steel billet export offers, which were standing at $590-595/mt FOB on actual weight basis, have shown some softening to $585-590/mt FOB on actual weight basis for December shipments. The price softening in recent import scrap bookings in Turkey has been reflected in Turkish producers' steel billet export offers. In the meantime, steel billet offers in the Turkish domestic market this week have been at $585-590/mt + VAT ex-works, on actual weight basis.
 
In Turkish mills' major steel billet export markets, Saudi Arabian buyers have continued their steel billet purchases from Turkey this week, while Egyptian buyers are reported to have continued to follow Turkish prices and are now preparing to book new material. In Jordan, in the meantime, although rebar demand in the country has started to revive, due to the ongoing political turmoil in Syria Jordanian buyers are unable to buy any material via Syria and this has resulted in a $20/mt increase in freight rates. Thus, buyers in the country are not inclined to book material for the time being.