Buyers in Turkey put pressure on import flat steel prices

According to market sources, demand for flat steel imports in Turkey has remained slack during the past week. Market players have been purchasing only in line with their needs amid the uncertainty prevailing ahead of the general election on June 7, and also due to the approach of Ramadan. On the other hand, Turkish buyers have been resisting increases in import flat steel prices, while they are requesting discounts from suppliers amid declining iron ore prices and weakening demand ahead of the summer.
 
However, prices in the global hot rolled coil (HRC) market have continued to increase over the past week. No new offers from Russia to Turkey have been heard, while Russian HRC offer to Europe have increased by $20/mt compared to last month to $380-385/mt FOB. Accordingly, Russian offers to Turkey are expected to increase in the coming period. Meanwhile, Ukrainian HRC offers to Turkey have remained unchanged in the range of $375-385/mt CFR.