Russian steel billet exporters head to Asian markets

Turkey's lack of interest in imported billet was attributed to falling import scrap prices and weak demand for finished long steel products on both the domestic and export markets.

This week, a 30,000-tonne shipment of Iranian billet was allegedly sold into Turkey for about $500 per tonne CFR, but the deal was not confirmed by the majority of market participants.

The price for Russian billet that was scheduled for immediate shipment remained unchanged from last Friday at $580 per tonne CFR Turkey (equivalent to $550–555 per tonne FOB Black Sea).

With the Turkish market virtually silent, Russian suppliers switched their focus to Asia and sold several cargoes through Russia’s Far East ports.