6.17 SMM Global Steel Daily Report

Published: Jun 17, 2026 17:46

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Seaborne import and domestic billet trading in Turkey have both slowed down, weighed by expectations surrounding the US-Iran peace agreement and persistently weak local demand. The market broadly anticipates that if the Strait of Hormuz fully reopens, lower freight rates and an influx of Iranian material will reshape the regional supply landscape, prompting most buyers to adopt a wait-and-see approach in hopes of securing lower procurement costs. On the import front, offers from two major Russian mills remain firm at 493-495 USD/tonne FOB, but Turkish buyers are only bidding at 500-505 USD/tonne CFR. The domestic market is equally under pressure; dragged down by falling scrap and rebar prices, the price for Turkish domestic billets has dropped by 10 USD/tonne to 530 USD/tonne EXW, reflecting a continuously sluggish trading sentiment.

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