Turkey’s HRC imports decline on back of increased domestic output

Turkey's crude steel production for flat steel output reached 9.8 million mt last year, increasing from 7.3 million mt in 2010 thanks to the commissioning of new investments, according to figures provided by the Turkish Iron and Steel Producers Association. Meanwhile, this year Turkey's flat steel production is expected to reach 13 million mt.

Increased flat steel production also influenced Turkey's hot rolled coil (HRC) imports in 2011. According to the data from the Turkish Statistical Institute, Turkey's HRC imports in 2011 declined to 2.85 million mt from 3.22 million mt in 2010. Comparing the country's HRC imports in 2010 and 2011, HRC imports from Ukraine decreased, while imports from Russia did not show any significant changes. While the top four HRC import sources of Turkey remained unchanged in 2011, Turkey's HRC imports from China and Slovakia declined substantially.

Foreign flat steel producers are expected to issue their offers to Turkey for March production HRC in the coming days, while it is learned that a Russian producer is offering March production HRC to Turkey for April shipments at $650-660/mt CFR, remaining unchanged as compared to last month. Turkish flat steel buyers have showed little interest in last month's increased import offers. It is foreseen that HRC import offers to Turkey will remain unchanged as compared to last month.