Buyers exert downward pressure on local Turkish HRC prices

Monday, 29 July 2019 17:44:33 (GMT+3)   |   Istanbul
       

It is observed that Turkish buyers have maintained their cautious stance as regards HRC purchases due to the slow summer season. Additionally, despite lower HRC export prices to the EU –the largest export market of Turkish HRC mills – as well as the decrease recorded in import HRC supply caused by the CIS-based suppliers, Turkish buyers have started to make price inquiries from South Korea, Vietnam, Japan and Italy, exerting downward pressure in domestic HRC quotations. However, Turkish producers’ order books are fairly full, and so they are unwilling to cut their domestic HRC quotations for now. Market sources state that maintenance works in Turkey’s key industries will accelerate in August, and so they do not expect a revival in demand in the short term.

As for the spot market, demand has also remained weak due to slack summer trading activity, while traders’ prices have remained stable during the past week at the following levels:

 Product

Price ($/mt)

Eregli

Gebze

 2-12 mm HRC

560-570

570-580

 1.5 mm HRS

600-610

605-635

 2-12 mm HRC (for large tonnages)

 

550-560

 3-12 mm HR P&O

590-600

630-640

 

 


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