Weak demand has been observed in the Turkish domestic flat steel market over the past few weeks and during this period expectations for cuts in prices have prevailed. Today, May 9, the first price decreases by a local mill have been observed. According to market sources, Turkish steel producer Erdemir has cut its prices for hot rolled coil (HRC) and cold rolled coil (CRC) by $40/mt and has reduced its price for hot dip galvanized (HDG) by around $30/mt. The reduced prices will be effective immediately with new orders.
With these price cuts, Erdemir's HRC prices have decreased to $680/mt from $720/mt, its hot rolled pickled and oiled sheet prices are down to $720/mt from the level of $760/mt, its CRC prices have decreased to $780/mt from $820/mt, while its HDG prices which were previously at $850/mt are now being quoted at $820/mt. The prices in question may differ depending on specification.