Turkish producers’ HRC export offers increase

This week, Turkish flat steel producers' hot rolled coil (HRC) export offers have increased by $30/mt. Thus, offers which were at $620-640/mt FOB in December and in the first week of January, have now reached $650-670/mt FOB.
 
Since demand has remained low for Turkish producers' export offers, particularly in Europe, the increased offers have not gained acceptance so far. European producers are thought to be preparing to raise their offer levels in line with the weakening of the euro against the US dollar. In the meantime, it is also predicted that the flat steel offers of Turkish and CIS producers, who work on US dollar basis, will continue to rise.
 
Next week, both European and CIS producers are expected to return to the market with higher offers. If HRC prices increase also in the global markets, it is thought that Turkish mills' HRC export offers at $650-670/mt FOB may then become more attractive to buyers.