The new week has started with even lower prices in the coated steel and cold rolled coil (CRC) markets of Turkey since demand is far from showing a recovery and as local and import hot rolled coil (HRC) prices have dropped considerably.
As a result, domestic hot dip galvanized coil (HDG) prices have decreased by $30-40/mt over the past week to $1,210-1,290/mt ex-works base. In the pre-painted galvanized iron (PPGI) segment, price levels have dipped by $20-50/mt to $1,290-1,350/mt ex-works, SteelOrbis has learned. It is worth mentioning that the lowest price in the market refers to aggressive offers by one supplier, although naturally other producers in Turkey have been forced to follow the same price trend but with smaller discounts. “Demand is zero now as the local market is overstocked and is watching HRC, and also there is no sale to Europe due to the antidumping case for coated,” a producer told SteelOrbis.
Domestic CRC offers in Turkey have now settled at $1,100-1,150/mt ex-works, down $30-60/mt over the past week. Still, a lot of sources believe $1,080-1,090/mt ex-works levels are quite easily reachable. Import offers from one Russian mill have been reported at $1,070/mt CFR for October production, while another Russian mill may be aiming to offer $1,100/mt CFR but for some special application.