Both domestic and import hot rolled coil prices in Turkey have moved up further despite the slowdown in the import scrap uptrend. The main reason is the positive signals coming from China specifically and Asia overall, and so some Turkish customers have been inquiring for domestic and some import coils rather actively. In addition, local coated and cold rolled steel prices have increased quite significantly over the past week and there is some demand, suppliers say.
In the local HRC market in Turkey, official offers start at $670/mt ex-works and some are voicing $680/mt ex-works, which is a $5-15/mt increase over the past week. However, some buyers reported they have already received indications from the mills at as high as $700/mt ex-works for January deliveries. However, some sellers admit that the workable levels in the domestic market are not above $660-665/mt ex-works.
HRC export offers are standing at $660-680/mt FOB today and, though $10/mt lower levels are also possible, these indications are not workable in the EU at all.
The main result of the positive situation in China for Turkey for now is that import HRC prices from Asia have become much less aggressive. This week, India increased the price for Turkey from $620/mt CFR to $650/mt CFR and then further to $670/mt CFR, marking the highest price in the market. China is the next closest with $650/mt CFR base, up $20-30/mt over the past week. Vietnam, Taiwan and Japan are offering in the range of $620-635/mt CFR depending on the supplier. Russian mills are said to be out of the market for now since they are sold out for January.
In the coated segment, Turkey HDG base prices have increased in a few steps by $20-40/mt to $870-920/mt ex-works, while PPGI is available at $1,020-1,050/mt ex-works, up by $30-45/mt over the past week. Local CRC prices in Turkey are at $790-820/mt ex-works base, up by $20-40/mt over the past week.