In the Turkish import market, Russian billet was offered at $510/t CFR, while buyers' workable price ideas remained significantly lower at $495-500/t CFR. The wide gap between sellers' expectations and customers' bids prevented any transactions from being concluded. Chinese billet also remained uncompetitive, with offers previously reported at $520-525/t CFR, down from $525/t CFR two weeks earlier. However, current market participants indicated no buying interest at these levels, suggesting persistently weak demand from Turkish mills.
In the Black Sea export market, Russian suppliers offered August-shipment billet at $487-493/t FOB. Nevertheless, market participants suggested that negotiations could bring transaction levels down to $485-488/t FOB. Compared to the previous week, when offers were heard at $485-490/t FOB, the market remained broadly stable, although sellers continued to face pressure from limited export demand.
Across Asia, billet demand weakened further due to seasonal factors and increasingly cautious purchasing activity. Buyers continued to limit procurement volumes amid uncertain market conditions. At the same time, participants closely monitored developments in the Strait of Hormuz, as the potential recovery of Iranian billet and raw material exports could increase regional supply and place additional downward pressure on global steel prices.
With weaker sentiment in Asia, Indonesia's Dexin reduced its billet prices by $5/t to $475/t, showing that regional producers are beginning to adjust prices in response to slower demand and intensifying competition.
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