Demand in the Turkish domestic cold rolled coil (CRC) market, where traders' inventories are on the high side, is still poor, while spot prices have remained stable since last week. Due to the recent instability of the US dollar-Turkish lira exchange rate, buyers have started to put pressure on mills' offers, continuing to do so even though the exchange rate has been relatively more stable in the past few days. Meanwhile, producers have reduced their CRC offers by $10/mt since last week to $685-695/mt ex-works, since their offers were almost at the same levels as spot quotations.
Even though this decrease in prices is expected to influence demand positively in the coming weeks, buyers are reluctant to conclude deals beyond their needs amid the liquidity shortages in the market.
Spot CRC prices are as follows:
Product | Price ($/mt) | |
Eregli | Gebze | |
0.6 mm CRC | 735-745 | 740-755 |
0.7-2 mm CRC | 695-710 | 705-715 |
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