During the past week, demand received by domestic producers in the local Turkish cold rolled coil (CRC) market has revived slightly. Buyers are still cautious about making new CRC bookings due to the three-month extension of the state of emergency in the country and the depreciation of the Turkish lira against the US dollar. However, trading activity in the local Turkish CRC market has increased slightly following the rises recorded in domestic hot rolled coil (HRC) quotations.
Turkish steel mills' CRC prices were expected to fall over the past week due to the negative market conditions abovementioned but have remained at $520-560/mt ex-works instead, with the support of improved trading activity and the upward movement in HRC prices.
Currently, traders' CRC prices in the local Turkish spot market are as follows:
Product | Price ($/mt) | |
Eregli | Gebze | |
0.6 mm CRC | 580-590 | 590-610 |
0.7-2 mm CRC | 550-560 | 560-580 |
The offers are on ex-warehouse basis, for October delivery, and exclude 18 percent VAT.