Turkey Scrap Import Prices Expected to Keep Billet Trade Sentiments Supported

US tariff cuts on steel imports from Turkey has started strengthening the trade sentiment in CIS nations, effects can be witnessed with recent billet export indications from CIS nations, which was reported to be USD 420-423/MT, FoB Black Sea. This is higher against last week offers of USD 410-415/MT, FoB Black Sea.

Another factor which will support the trade sentiment in CIS nations is the increased scrap prices in Turkey. In last deal reported from US supplier HMS 1&2 (80:20) sold at USD 294/MT and Bonus scrap at USD 304/MT, CFR Turkey. With the decision of US regarding extra tariff cut on Turkish steel products, it is being anticipated that billet prices would recover in short terms.

Although, not much offers revealed so far this week, the market is following ‘wait and watch’ approach for few days, sources reported to SteelMint.