In the Turkish domestic market, although long steel prices have continued to show a softening in general, domestic merchant bar prices have remained stable, despite slack demand. Accordingly, angle prices in the Turkish domestic market still stand at TRY 1,197-1,250/mt + VAT. As can be seen also from SteelOrbis Steel Reference Prices, domestic merchant bar prices in Turkey showed a continuous increase beginning from mid-April this year to early June. However in June, prices had shown some softening until this week.
Last week, Turkish mills' angle export offers were standing at $760-770/mt FOB on actual weight basis. Coming to this week, due to the strengthening of the US dollar against the Turkish lira and also because of the sluggishness in Turkey's export markets, angle export offers have decreased to $750-760/mt FOB on actual weight basis, for July shipments. As the month of June draws to a close, hotter weather has caused construction activities to slow down. For this reason, demand is quiet in Turkey's export markets and buyers are maintaining a wait-and-see stance.
This week, there has not been any significant change in the scrap market and steel billet prices have declined by about $10/mt, while domestic merchant bar prices have remained unchanged. However, market players predict slower demand in July and in August, due to Ramadan and the holiday season in Europe. These market operators think that prices may eventually decline in the coming period.