Due to the ongoing weakness of demand, Turkish billet producers have kept their domestic prices stable in the current week. Producers’ domestic billet prices in Turkey are still in the range of $465-480/mt ex-works. Market sources state that the local Turkish billet market has been quiet in terms of sales due to the approaching local elections to be held on March 31, and given the recent rapid fluctuations recorded in the Turkish lira-US dollar exchange rate. Since buyers are having a hard time predicting the future trend of the market under the current circumstances, they are unwilling to conclude purchases of billet whether imported or domestically produced - though import billet prices are lower than domestic quotations. Instead they are waiting to see the situation after the elections.
On the other hand, Turkish billet producers’ export offers are at $460-470/mt FOB. However, this price range has failed to gain acceptance from foreign buyers whose firm bids are at $450-455/mt CFR.