There was a revival in interest in imported billet in Turkey after the recent uptick in imported scrap costs.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey
, was calculated at $488.83 per tonne on Friday, up by $9.77 per tonne day on day and up by $40.36 week on week.
Finished long steel prices in Turkey have also seen a sharp increase over the week, following China’s decision to remove its export tax rebate on certain steel products, including rebar.
“As a result [of the export tax rebate cancellation in China], it most probably will not be exporting in the near...