Russian billet prices increased in March

In March 2025, billet prices from the Black Sea region increased by $14/t, reaching $444/t FOB. At the beginning of the month, the rise in Russian billet prices was supported by positive sentiment in the global market: Türkiye saw an upward trend in scrap prices, and in China, futures for finished products rose amid expectations of reduced steel production. In the second half of March, buying demand declined due to a lack of support from finished product markets. For example, in MENA countries, demand for rebar was low due to Ramadan, while in Türkiye, political instability and the volatility of the lira against the US dollar negatively impacted consumption. In China, market sentiment also worsened due to tariff restrictions, domestic steel overproduction, and weak seasonal demand.

In the first ten days of March, prices for Russian billet were rising amid the strengthening of the ruble against the dollar and limited supply. In the Turkish market, offers for small lots from Russia were reported at $460-465/t CFR. A deal of 30,000 tons to Türkiye was announced at $455/t CFR. Meanwhile, in Taiwan, a large lot of Russian billet (100,000 tons) was sold with delivery in May-June at $448-449/t CFR.

In the second ten days of March, the Turkish domestic market supported import billet prices, driven by rising demand for finished products ahead of the construction season. Kardemir increased billet prices by $15/t, reaching $500-510/t EXW, while semi-finished product manufacturers from Izmir and Iskenderun raised billet quotations by $10/t, to $530-535/t EXW. No purchases of Russian products were reported. 

Information circulated in the market that 10,000 tons of Russian billet was sold in Tunisia at $465-470/t CFR, but this could not be confirmed.

At the end of the month, the price increase among Russian exporters was mainly driven by the strengthening of the ruble against the US dollar, while demand remained weak. Exporter offers were at $470/t CFR or $450/t FOB, with no deals concluded. In Türkiye, the internal political situation and high volatility of the lira against the US dollar had a negative impact on the market.