This week, Turkish flat steel traders have continued to decrease their prices in response to the ongoing downturn in the hot rolled coil (HRC) segment and amid local financial and political uncertainties. Beyond that, the main reason for Turkish traders reducing their offer prices is the extremely quiet business activity, resulting in pessimistic concerns for the coming weeks and confusion regarding how the market will recover. However, a slight increase has been seen in the most recent import scrap prices, which may support the flats segment in the future.
“Another silent week with no change in business, regrettably. We are lowering prices gradually. The main issue is how long this negative outlook will persist, but currently none of us are able to determine the answer,” a trader told SteelOrbis.
Domestic retail hot rolled sheet (HRS) prices have dropped by $30-40/mt over the past week to $730-770/mt ex-warehouse. A similar tendency can be observed in the cold rolled sheet (CRS) market. The majority of traders have cut their prices by $50/mt over the past week to $800-850/mt ex-warehouse.