Turkey's imported billet prices have weakened due to the downward trend in the domestic market, but they do not appear to be sufficient for purchase.
Turkish steel producers cannot avoid the rapidly falling prices. Starting from March 20, prices started to decline from $650 to $610. Therefore, the scrap and billet purchases of the factories slowed down. The Russian billet market, which has an important place in billet imports, has been showing a downward trend since last week.
Russian billet price offers are at $600-610/t cfr, while Turkish steel mills are forecasting $600/t and below for the purchase level.
Iranian billet prices, on the other hand, have dropped to $550/ton fob, with an average loss of $20 since last week.