In the first seven months of 2024, Turkish metallurgical companies reduced steel billet imports by 29.5% compared to the same period in 2023. July import volumes totaled 261,250 tons, a significant 58.9% month-on-month increase from June, but still 7.8% lower year-on-year.
Russian billet remains a critical source for Turkish buyers, with recent deals closing at $480/t CFR Türkiye. However, Turkish buyers showed readiness last week to accept slightly lower price levels for CIS-origin material, securing deals at $465-470/t CFR.
SteelRadar has tracked October production billet pricing from key CIS producers, revealing a spectrum of price points:
ArcelorMittal Kryvyi Rih: $490 FOB Odessa (10,000 tons; spot)
Metinvest: $505 CFR Türkiye (10,000 tons; spot), $510 CFR Bulgaria (20,000 tons; spot; inter-company delivery)
EVRAZ: $453 CFR Asia (20,000 tons), $460-465 FOB Black Sea (10,000 tons)
Metalloinvest: $485 CFR Türkiye (10,000 tons), $495 CFR North Africa (15,000 tons)
Rostov Electrometallurgical Plant: $485 CFR Türkiye (3,000 tons; spot)
Byelorussian Steel Works (BMZ): $477 FOB Baltic Sea (10,000 tons)
The price fluctuation reflects a broader softening in the market, driven by oversupply and modest demand across major regions. Turkish buyers are capitalizing on the lower offers from CIS producers, who face challenges related to geopolitical tensions, rising input costs, and logistical issues.
This volatility in billet pricing will likely continue in the near term as CIS suppliers adjust to evolving market conditions, particularly in Türkiye, Asia, and North Africa.
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