At the beginning of March, Russian billet prices increased by $5–10/t, reaching $435–445/t FOB. The rise in oil prices led to higher freight costs across all routes. Freight rates from Novorossiysk to the Marmara region for mid-sized vessels increased by $2–5/t, reaching around $30/t.
As a result, the lowest Russian billet offers moved up to $465–470/t CFR. Chinese billet offers to Türkiye also increased by $10–12/t, reaching $490–495/t CFR. This was mainly due to a $5–7/t increase in freight costs, which rose to $40–42/t for shipments of up to 40,000 tons. Notably, Chinese FOB prices remained unchanged at $445–450/t.
By mid-March, Russian billet prices were still hovering within the $435–445/t FOB range. No confirmed deals were reported during this period. Turkish buyers continued to explore alternatives, considering offers not only from Asia but also from Russia, Ukraine, and Algeria.
Russian exporters raised their offers further due to ongoing freight increases. Smaller cargoes, typically up to 3,000 tons, were available in Türkiye at $470–475/t CFR. Meanwhile, Chinese billet offers for May shipment rose by another $10–15/t to $500–510/t CFR. FOB prices from China also increased slightly by $5/t to $450–455/t.
In the second half of the month, Russian billet prices saw a modest increase of $2.5/t, reaching $445–450/t FOB. Although demand in Türkiye remained weak, global market conditions continued to provide some support. In particular, rising billet prices in China—driven by reduced semi-finished steel supply from Iran—helped sustain the market.
There was some demand for smaller Russian cargoes at around $475/t CFR. Chinese offers for May shipments increased further by $5–10/t, reaching approximately $520/t CFR. For larger cargoes of around 50,000 tons, Chinese FOB prices rose more sharply, up by $15/t to $465–470/t.
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