Turkish HRC producers try to keep their current price levels
Traders in the local Turkish spot market have decreased their offers for hot rolled coil (HRC) and hot rolled pickled and oiled coils (HR P&O). However, market players expect further price reduction in the coming days. Since the cash flow in the market has decreased due to the US dollar maintaining its strength against the Turkish lira, Turkish traders have aimed to make HRC purchases only to meet their immediate needs. In this context, local Turkish HRC market have continued to weaken amid the pressure from both buyers’ and sellers’ side.
Meanwhile, Turkish steel producers’ HRC prices have increased. Although Turkish steel producers have increased their offers in order to keep their current price levels and accelerate the market, no deals have been concluded at these levels yet. Also, market sources state that producers are willing to offer discounts of $10-20/mt depending on tonnages.