Insufficient demand, the soft trend of the local hot rolled coil (HRC) and the lack of movement in scrap pricing during the week have prompted Turkish traders to lower their spot offerings slightly. Furthermore, taking into account slow sales and Turkey's ongoing economic issues, along with the persistently weak domestic trade, the majority market players believe a rebound is doubtful, at least for the near future.
“We reduced flat steel spot pricing somewhat because trade is persistently not very favorable and the HRC segment has showed signs of weakening this week. Regretfully, there are not many optimistic forecasts about the future outlook,” a source told SteelOrbis.
In the domestic spot market, the hot rolled sheet (HRS) price range has narrowed down this week to $660-680/mt ex-warehouse from most traders, while last week it stood at $660-690/mt ex-warehouse.
Similarly, in the cold rolled sheet (CRS) market, most traders have decided to decrease offers by $20/mt to $760-775/mt ex-warehouse from the previous week. However, some smaller sellers are reported to have been trying to sell at around $780-790/mt ex-warehouse, which is not acceptable in the current market situation.