Turkey is quoting Billet exports price in the range of $565-580/t fob which was at 590-600/t fob.
Falling prices of raw materials account for low Billet offers. Also, Chinese mills are offering Billet to the Gulf region at much low price i.e. $ 560/t cfr.
If HMS 1 & 2 (80:20) scrap prices come down to $350/t cfr Turkish ports levels then it might be feasible for Turkish suppliers to cut offers further as no buying has been witnessed from Turkey at current levels. Buyers might make some Billet purchases at $555/t if required.
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