During the past week, demand received by domestic producers in the local Turkish cold rolled coil (CRC) market has remained sluggish, while Turkish mills' CRC prices have moved sideways week on week.
Against the backdrop of Moody's decision to downgrade Turkey's credit rating and reports of a possible extension of the state of emergency in the country, domestic hot rolled coil (HRC) prices have declined by $10/mt since last week. Although the influence of this decrease has not been felt in the local Turkish CRC market yet, if the sluggishness of the demand continues in the coming days it is believed that the fall recorded in HRC prices will be reflected in domestic CRC quotations in the short term.
Currently, traders' CRC prices in the local Turkish spot market are as follows:
Product | Price ($/mt) | |
Eregli | Gebze | |
0.6 mm CRC | 580-590 | 590-610 |
0.7-2 mm CRC | 550-560 | 560-580 |
The offers are on ex-warehouse basis, for September delivery, and exclude 18 percent VAT.