In Turkey, coated and CRC prices have taken a nosedive during the past week as re-rolling companies have had to give in to market pressure, following a long period of trying to keep their official prices stable. Demand, which was already insufficient, has almost stalled now, while buyers are watching HRC prices fall as well as witnessing the bearish mood in the market following the EU’s CSQ announcement. Moreover, some sources expect even lower price levels to be seen next week.
The domestic 0.5 mm Z100 HDG prices are now settled at $770-785/mt ex-works, down from the official offers of $790-830/mt ex-works seen at the end of June. Some market sources, however, expect $750-760/mt ex-works levels to be heard very shortly. As for exports, the realistic base HDG prices are at $700-740/mt FOB, down $10/mt over the same period. In the PPGI market, commercial PPGI prices are at $850-880/mt ex-works, while Z100 material is at $910-930/mt ex-works, down $20/mt on the upper end, sources reported. Meanwhile, export price levels are at around $850-870/mt and $910-920/mt FOB, respectively.
In the CRC segment, Turkey’s domestic prices have dipped to $685-705/mt ex-works, down from $695-720/mt ex-works seen last week. As regards exports, a buyer might get $670-695/mt FOB, but re-rollers are mainly trying to avoid the lower end of the range, SteelOrbis understands.
