Due to high scrap price and weak debar demand, Turkey steel mills were forced to cut 30 percent production and started to buy billet from CIS instead of scrap in order to reduce the cost.
Currently the scrap s price offered by EU and US is around US$310-325/ton while billet settled price for January shipment is US$430-440/ton.
Obviously, steel mills can make a higher profit on the purchase of the billet from CIS.
(Source:Yieh.com)