During the past week, a cautious stance has continued to prevail among Turkish buyers of flat steel imports due to the sharp depreciation of the Turkish lira against the US dollar and so demand remains weak. Turkish buyers have continued to make purchases only in line with their needs. Meanwhile, despite the sharp fluctuations in global iron ore prices and in the Chinese futures market, CIS-based HRC suppliers’ export prices have risen, supported by the ongoing inactivity of China - their main competitor - in the global market. Import flat steel prices to Turkey have moved up in the given week.
It is heard that ex-Ukraine HRC offers to Turkey have increased by $20/mt on the lower end and by $10/mt on the upper end to $500/mt CFR, while ex-Russia HRC offers to Turkey have risen by $30/mt on the lower end and by $25/mt on the upper end to $510-530/mt CFR, both week on week. As regards CRC offers to Turkey, ex-Ukraine prices stand at $580-590/mt CFR, while ex-Russia prices are in the range of $590-610/mt CFR.