Turkish mills’ domestic billet quotations decline

In last week's Turkish domestic market, producers' local steel billet offers were standing at $635-650/mt ex-works. Besides, billet prices were firm and producers were unwilling to sell billet below $635/mt ex-works. In the meantime, in Turkey's Iskenderun region high volume rebar exports to Iraq were being concluded last week at $700-710/mt ex-works and these higher finished steel prices allowed steel billet prices to reach $645-650/mt ex-works in this region.
 
Moving to this week, the fast decline observed in long steel prices in Turkey and the softening seen in ex-CIS steel billet offers have also affected the Turkish domestic steel billet market. As of today, April 20, steel billet prices in Turkey are now standing at $625-635/mt ex-works and buyers are not inclined to conclude any bookings above $635/mt ex-works. Weak finished steel demand in the domestic and foreign markets continues to negatively affect the semi-finished steel market.