This week, local spot flat steel prices have remained unchanged from the previous week, but the prognosis remains hazy. Despite the impression that prices may rise due to an increase in scrap prices, the general market outlook and business activities still face challenges owing to a lack of demand. In addition, Turkey's ongoing financial difficulties still negatively impact the purchasing power of buyers and of traders who are trying to sustain their business activities.
In contrast to market players' general statements, larger traders have indicated that demand has surged this week since the scrap market has improved and an antidumping investigation has been started in Turkey as regards imports from various countries.
“We were also on a declining trend, but, thanks to scrap price increases, we held the price stable from Monday. Our current lowest hot rolled sheet price is at $675/mt ex-warehouse, and we have achieved good sales at this level. I believe the antidumping investigations have had also role in this as well. However, we hear that a few traders in Turkey's southern region are offering at roughly $635/mt ex-warehouse, while prices in Marmara vary at $660-670/mt ex-warehouse. As a result, the market is struggling to find a balance,” a bigger trader commented to SteelOrbis.
According to reports, workable domestic hot rolled sheet prices are currently settled at $660-680/mt ex-warehouse. While the medium-size and smaller traders are offering at $660-670/mt ex-warehouse, bigger traders are offering at around $675-680/mt ex-warehouse.
Similarly, most traders in the cold rolled sheet (CRS) market have decided to hold on to last week's prices at $760-775/mt ex-warehouse. However, according to sources, some smaller suppliers are attempting to offer higher prices than the overall market levels at $790-800/mt ex-warehouse.