In the Turkish domestic flat steel market demand remains weak, while prices have continued to move downwards during this week.
Starting to accept orders for its December production early this week, Turkish steelmaker Erdemir has pushed down its domestic hot rolled coil (HRC) offers to $660/mt ex-works, from $690/mt ex-works. In the meantime, other local producers Çolakoglu Metalurji and MMK Metalürji continue to receive orders for their November production at the price range of $640-650/mt ex-works.
Domestic steel producers' price cuts have influenced local spot prices. Accordingly, spot HRC prices have been at $680-710/mt, while cold rolled coil (CRC) prices are at $820-860/mt, both ex-warehouse.
It is reported that, ahead of the Feast of Sacrifice holiday which will begin this weekend, the transaction volume has remained low despite price reductions. Market players state that, if demand fails to show any improvement in the coming weeks, prices may slide down further. But, if demand recovers after the holiday as expected, it is thought that prices will trend sideways for a while, before switching to a rising trend in the long term.