Over the past two weeks, demand in the local Turkish pre-painted galvanized iron (PPGI) market has remained at low levels. Buyers in the local Turkish PPGI market have continued to conclude purchases only in line with their needs as they exert pressure on prices as a result of the faster depreciation of the Turkish lira against the US dollar. In line with negotiations made during purchases, domestic PPGI prices in Turkey have moved down. However, market sources do not expect a recovery in demand in the short term amid the negative outlook for Turkey’s economy and also due to the approach of Ramadan and the summer season. Under the current situation, Turkish coated steel producers have reduced their domestic offers by $15/mt week on week.
As a result, Turkish producers' domestic PPGI prices have softened to $895-925/mt for RAL 9002 0.3 mm 100 gr/m² zinc-coated PPGI, to $735-765/mt for RAL 9002 0.5 mm PPGI and have declined to $630-670/mt for RAL 9002 1 mm PPGI. All the offers in question are on ex-works basis and exclude 18 percent VAT.
In the same period, Turkish PPGI export quotations have also declined by $15/mt to the range of $735-755/mt FOB.