The pricing for hot rolled coil (HRC) in Turkey has retreated this week in all of the segments, particularly due to the slowing down of business activity and China due to be absent for the holiday period. However, while scrap prices remain relatively firm and the mills’ order books are partially filled for April production, the mills have provided discounts on the earlier targeted levels, but have not gone below the previously workable levels.
Over the past week, the realistic HRC prices in the domestic market in Turkey have rolled back to $700-725/mt ex-works from the earlier targeted $710-730/mt ex-works. Moreover, some buyers count on getting $590/mt ex-works levels from particular suppliers, citing the recent weakening in China. As regards exports, small deals have been concluded at $680-685/mt FOB base to Greece and at around $700/mt FOB to the UK, while last week the offers mainly stood at $690-700/mt FOB. “[Foreign] buyers are in waiting mood. Sellers are also the same. Both parties are now in a safe position with full order books and stocks,” a source told SteelOrbis.
Import offers from China have been reported this week mainly at $595-605/mt CFR for Q195 HRC of 3 mm and higher and for end-of-March and April shipments, down $5-10/mt over the past week. No deals have been reported, also given the inactive stance of the suppliers ahead of the holiday.