Last week, Turkish mills' steel billet export offers have remained unchanged as compared to previous week at $690-700/mt FOB on actual weight basis, for September shipments. Although higher offers are also available in the market, due to the beginning of Ramadan this week and with the influence of the summer holidays in Europe, steel billet demand was low. In addition, speculation concerning an upcoming economic crisis makes buyers more cautious. In last week's Turkish domestic market, steel billet prices were standing at $700-710/mt + VAT ex-works, on actual weight basis.
After increasing slightly in previous week, ex-CIS steel billet export offers have softened by $5/mt last week, declining to $670-680/mt FOB, for August shipments. SteelOrbis has learned that, although the latest ex-CIS steel billet offers to Turkey were at $685-700/mt CFR, buyers are not showing interest in these offers yet.
Despite reduced steel billet supplies, due to the approach of Ramadan in the Middle East and North Africa as well as the sudden strengthening of the US dollar against the Turkish lira and the weakening of finished steel demand in international markets, buyers have remained reluctant last week to conclude new steel billet bookings and they prefered to adopt a wait-and-see stance.
( Source: www.steelorbis.com )