Market sources state that Turkish flat steel export activity has almost ground to a halt due to economic and political issues in some of
Turkey's export markets and also due to the approach of the Christmas and New Year holidays.
Ex-
Turkey flat steel transactions to Russia have become scarcer due to the weakening of the Russian ruble against the US dollar. Meanwhile, European buyers have started pulling out of the market due to Christmas holiday period, and market sources state that they will not return until the second week of January. Additionally, the outlook for Turkish flat steel exports has become more negative since Chinese offers are considered to be more attractive by Middle Eastern buyers. Currently, Chinese hot rolled coil (
HRC) offers to the Middle East stand in the range of $470-490/mt FOB, while Chinese cold rolled coil (
CRC) offers to the same destination are at $540-560/mt FOB.
In the meantime,
Turkey's
HRC export offers have remained unchanged over the past week at $515-520/mt FOB, while Turkish
CRC export prices have remained at $615-620/mt FOB over the same period.