Buyers’ pressure increases in Turkey for local and import HRC

Tuesday, 26 July 2022 16:43:20 (GMT+3)   |   Istanbul
       

The business conditions in the Turkish hot-rolled coil (HRC) market have substantially worsened over the week, given the decreased scrap, aggressive import prices and generally negative buyers’ sentiment. Still, according to sources, Turkish mills have kept their official HRC prices relatively stable, claiming their volumes are limited due to scheduled maintenance works. However, as the pressure increases, most of the producers might provide discounts in case there are serious orders.

Currently, HRC for August production and early September deliveries is on offer at $700/mt ex-works base officially. However, more and more market players report $680-690/mt ex-works might be achievable, taking into account extremely slow demand. “Producers can go lower than $700/mt if there is a good order, but the thing is that the phone is not ringing,” a source told SteelOrbis. However, some of the large customers are quite sure the market is heading towards $660-670/mt ex-works as per workable levels for big lots. The price of $680-700/mt FOB is said to be achievable on exports, but still Turkish offers seem to be not competitive, especially in the EU market.

Ex-Russia HRC offers remain the most aggressive in Turkish market and, moreover, the buyers managed to push for even lower prices compared to the deals of the past week. According to sources, the latest sales from Russia were closed at $590-600/mt CFR versus $620-630/mt CFR previously. Since early July, two Russian mills sold up to 90,000-100,000 mt, while the third one has been reportedly offering around $600-610/mt CFR this week, but with no luck to sell. Aside from Russia, Indian HRC offers have been reported at $620-630/mt CFR, down from $650/mt CFR offered early last week.


Tags: Hrc Flats Turkey Europe 

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