The upward movements of prices of scrap, iron ore and coils in the global markets have continued, prompting global hot rolled coil (HRC) prices to move upward this week. On the back of higher HRC prices, Turkish cold rolled coil (CRC) producers have increased their prices for their domestic market by $20/mt week on week to $540-580/mt ex-works.
Last week, SteelOrbis reported that the volume of inquiries in the local Turkish CRC spot market had decreased since buyers were cautious against the backdrop of the beginning of meetings regarding Turkey’s transition to a presidential system and due to the ongoing depreciation of the Turkish lira against the US dollar. This week, inquiries from Turkish buyers for domestic CRC products has improved on the back of the increases in HRC prices and with the slight appreciation of the Turkish lira against the US dollar, and so demand for domestic CRC products is currently at medium levels. Amid higher demand and the uptrend of producers’ quotations, traders’ prices in the local Turkish CRC spot market have increased by $10/mt week on week.
Currently, traders’ CRC prices in the local Turkish spot market are as follows:
| Product | Price ($/mt) | |
| Eregli | Gebze | |
| 0.6 mm CRC | 590-600 | 600-620 |
| 0.7-2 mm CRC | 560-570 | 570-590 |
The offers are on ex-warehouse basis, for October delivery, and exclude 18 percent VAT.