The impact of the volatility seen in the Turkish lira-US dollar exchange rate has been felt in Turkey’s steel markets for some time now, causing trading activity in the local Turkish steel market to slow down. Furthermore, the Turkish lira’s depreciation against the US dollar has gained momentum in the current week, reaching worrisome levels and almost causing demand to grind to a halt. Accordingly, market players are currently maintaining a wait-and-see stance. Also, the weakness of long steel demand in Turkey’s domestic and export markets has contributed to domestic buyers' slack demand for billet.
Currently, not many domestic billet offers are heard in Turkey, while the most recently shared price levels were at $535-545/mt ex-works, stable week on week.