While both demand and price levels have increased in the Turkish flat steel market after the municipal elections on March 30, there is a lack of interest in imported products. Orders postponed until the post-election period have appeared in the market with activity supported by the appreciation of the Turkish lira appreciated against US dollar, and buyers prefer to conclude quick deals with local producers.
While Turkish buyers usually wait for import prices to be announced, this time they have decided not to wait but to conclude transactions quickly with local producers and this is one of main reasons behind the lack of interest in import products. The political crisis between Russia and Ukraine, which are the biggest flat steel import sources for the Turkish market, is another major factor. Despite several statements issued by CIS iron and steel producers saying they are not experiencing any problems concerning their production activities, buyers are still hesitant due to a possible escalation of the tensions between Russia and Ukraine.
Ex-Ukraine hot rolled coil (HRC) offers to Turkey stand at $540/mt CFR, while ex-Russia and ex-Romania offers are currently at $545-550/mt CFR and $570-580/mt CFR respectively. Meanwhile, ex-Ukraine cold rolled coil (CRC) offers to Turkey are at $610-615/mt CFR, while ex-Russia and ex-Romania CRC offers are currently at $620-625/mt CFR and $680-690/mt CFR respectively.
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