Price levels for Black Sea billets fall along with steel scrap

CIS billet bids are down $ 5 /t to a touching $ 485-490 /t FOB in just a week on the back of meager purchases from Turkish factories and falling scrap metal prices that have seen a $ 25 /t pullback in two weeks ...

Due to the emerging stability of the national currency, Turkish factories are going to slowly restore production in anticipation of rising prices for their products. At the same time, levels of weakening in scrap prices are forcing them to strategically retreat from the market, thereby allowing it to bottom out before buying.