Will ex-Black Sea scrap offers be impacted by falling billet prices?

According to market sources, Russian and Ukrainian A3 grade scrap offers to Turkey have been at $235-240/mt CFR during this week. Meanwhile, the latest Ukrainian 80:20 grade scrap deals in Turkey have been concluded at $237-240/mt CFR Marmara. Demand for ex-Black Sea scrap from Turkish steel producers is heard to be at decent levels.
 
Looking at the deals concluded in global scrap market since the beginning of last week, the sharp and sudden decreases in scrap prices first gave way to slower and more gradual declines and then switched to sideways movement as scrap dealers gained some relief with their latest sales and became unwilling to conclude new deals at the current price range and narrowed their discount range during the bargaining process. However, as of yesterday, February 18, Turkish steel producer Kardemir opened its domestic billet sales at $370/mt ex-works+VAT, down $30/mt compared to its previous offers and received orders for a total of 162,000 mt. The producer's successful billet sales are expected to exert downward pressure on ex-Black Sea and deep sea scrap prices. Meanwhile, market sources state that since Russia, which has up to now been the world's fourth biggest wheat exporter, has banned wheat exports to protect local supplies, the problem of freighter availability for the country's scrap exports has eased.