Import HRC offer prices from China to Turkey have rebounded early this week despite some decline in futures prices in China. The main reason is that non-VAT offers have once again disappeared from the market, which has resulted in the increase of HRC offers for re-rolling companies from $480/mt CFR seen at the end of last week to $492-500/mt CFR today, December 16. In addition, offers for the pipe-making breakdowns have risen by $5-10/mt to $525-530/mt CFR. The Chinese cargoes are available for February shipments. “Local demand is extremely quiet and, although the prices are relatively stable [for Turkish material], I doubt China would be attractive at $500/mt CFR,” a source told SteelOrbis.
Import offers from Egypt currently lack firmness, with the latest indications at $560/mt CFR. However, the supplier is planning to return with new higher offers at around $565-570/mt CFR for February-March shipments. The latest offers from Malysia have been set at $550/mt CFR for March shipment, with no new negotiations reported.
Domestic HRC prices in Turkey have mainly stabilized within $560-565/mt ex-works base and up to $570/mt ex-works from some mills. “If you order 4,000-5,000 mt, some mills might give you $550-555/mt ex-works,” a buyer told SteelOrbis. Export offers from Turkey are at $540-550/mt FOB for February shipments.
