Demand in the local Turkish cold rolled coil (CRC) spot market has remained slack this week, since increased prices have failed to gain acceptance from buyers, with buyers only concluding CRC bookings to meet their immediate needs. Despite the weak demand, Turkish producers’ CRC prices have increased by $50/mt on average in the past week to the range of $630-660/mt ex-works, excluding 18 percent VAT, for June production, in line with the rising prices of steel products in the global markets and due to the increase in ex-CIS CRC offers to Turkey. Meanwhile, prices in the local Turkish CRC spot market have risen by an average of $65/mt CFR in the same period.
Currently, traders’ CRC prices in the local Turkish spot market are as follows:
The offers are on ex-warehouse basis, for May delivery, and exclude 18 percent VAT.