The global square billet market saw mixed trends in October. Negative sentiment prevailed during the first half of the month due to the weak market in China, although the situation in Turkey improved. In the second half of October, most regional billet markets saw a cautious upward trend driven by improved sentiment in Asia, but its sustainability remained in question.

On the Black Sea square billet market (Black Sea FOB basis), average quotations in October fell by $5 to $433/t. At the same time, according to BigMint, billet exporters are planning to raise prices by $2–3 to $443–447/t (Black Sea FOB) following the strengthening of the ruble and the rise in the cost of semi-finished products from China.

Recent changes in Turkey’s domestic processing regime (DIR), which require at least 25% of the raw materials/semi-finished products needed for production to be purchased on the domestic market, have significantly affected demand for imported billets.