According to understanding, Turkish billet prices continued to decline gradually on November 24, and Kardemir, a major integrated long product producer in Turkey, carried out a new round of price cuts.

Yesterday, with the sharp depreciation of the Turkish currency, the overall market sentiment was still mostly negative. The Turkish lira fell as much as 18% against the US dollar that day, and fell to a low of 13.45 lira at 3 pm on November 23. On November 24, the lira rose against the U.S. dollar and started trading a wide range of lira 12.00-12.60/$1. However, due to the violent exchange rate fluctuations, the Turkish steel market is generally depressed.

Kardemir sets the domestic sales price of 150×150 S235 billet priced in lira at US$688/ton (ex-factory price), and the ex-factory price of 150×150 S420 billet is US$693/ton (excluding VAT). Under the circumstances, the sales volume throughout the day is still not optimistic.

Kardemir’s billet price is generally determined as the reference price of domestic and imported billet in Turkey. Therefore, the new billet sales price of the steel mill may have an impact on the quotations of Turkish billet from the CIS and other domestic steel mills.