SteelOrbis has been informed that demand for Turkish cold rolled coil (CRC) market has remained sluggish in the domestic and foreign markets. Traders in the local Turkish CRC market have kept their prices stable during the past week, while Turkish producers have reduced their list prices by $25/mt in the same period to the range of $550-560/mt ex-works. Traders state that they will wait to see the impacts of the reduced producer prices on their own offers before making a move.
Meanwhile, Ukrainian CRC offers to Turkey have declined by $5/mt over the past month to $495/mt CFR. Market sources state that this price level is higher than expected, though it still continues to put pressure on Turkish producers. The downward pressure from Ukrainian offers contributed to Turkish producers' decision to cut their list prices. However, demand in the global market for CRC has weakened as hot rolled coil (HRC) prices have continued to decline and so buyers in the global market are not showing interest in Turkish CRC.
Spot CRC prices in the local Turkish market are as follows:
Product | Price ($/mt) | |
Eregli | Gebze | |
0.6 mm CRC | 650-680 | 655-675 |
0.7-2 mm CRC | 610-630 | 620-640 |
The offers are on ex-warehouse basis and exclude 18 percent VAT.