Turkish hot rolled coil (HRC) producers - having increased their HRC export prices by taking advantage of the upward price trend in the European flat steel market (the main HRC export destination for Turkish mills) - have raised their HRC prices for their domestic market by $10/mt week on week to $530-540/mt ex-works. While Turkish HRC buyers had limited their bookings in previous weeks due to the sharp depreciation of Turkish lira against the US dollar, they are now continuing to postpone their purchases in anticipation of a further strengthening of the Turkish lira against the US dollar, following the recovery of the lira which started to be observed early this week.
As for the spot market, buyers are still making purchases only to meet their immediate needs due to the ongoing economic and political uncertainties in Turkish, resulting in the ongoing weakness of demand for traders’ products. As a result, traders have not been able to increase their prices despite the rises in producers’ quotations.
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
| Product | Price ($/mt) | ||
|
| Eregli | Gebze | |
| 2-12 mm HRC | 510-520 | 510-530 | |
| 1.5 mm HRS | 550-560 | 555-575 | |
| 2-12 mm HRC (for large tonnages) | 490-500 | ||
| 3-12 mm HR P&O | 560-570 | 580-610 | |