Demand in the local Turkish hot rolled coil (HRC) spot market is still weak this week, while prices of HRC and hot rolled pickled and oiled (HR P&O) have remained unchanged week on week. Market players say activity is rather quiet due to the strengthening of the US dollar against the Turkish lira, tight liquidity and political uncertainty ahead of the upcoming elections in Turkey to be held on June 7.
Meanwhile, Turkish steel producers' HRC offers have remained stable week on week at $420-440/mt ex-works, while demand for their products is weak. However, Turkish producers are still unwilling to agree to local buyers' requests for discounts, as their order books are in a healthier condition as compared to previous weeks.
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
Product | Price ($/mt) | |
Eregli | Gebze | |
2-12 mm HRC | 470-480 | 475-485 |
1.5 mm HRS | 500-510 | 505-515 |
2-12 mm HRC (for large volume sales) | 460-470 | |
3-12 mm HR P&O | 530-540 | 545-550 |
The above prices are ex-warehouse and for advance payments, exclusive of 18 percent VAT.