Cold rolled coil (CRC) prices in Turkey have indicated a significant downturn since late June, taking into account the almost complete absence of local demand. Buyers’ stocks are sufficient while the mood is mainly pessimistic due to the unfavorable economic outlook and the approaching holiday. In addition, export demand has been lower than previously, which has placed additional pressure on the mills.
According to sources, the workable prices for CRC in Turkey are at $1,250-1,320/mt ex-works, while at the end of June the levels were at $1,320-1,360/mt ex-works. “Suppliers prefer to avoid voicing official offers and go from customer to customer. Local demand is dead though,” a producer told SteelOrbis. Similar levels are said to be applicable for the export markets, while demand is said to be insufficient, though still better than in the domestic market.
In the import segment, offers from one Russian mill are heard at $1,250/mt CFR for industrial buyers, while ex-Ukraine offers are estimated at around $1,220-1,230/mt CFR, both for September deliveries. It is worth mentioning that currently the FOB levels from the CIS-based mills for other destinations and their CFR Turkey levels are not matching, as sellers prefer to act considering the domestic price levels in each market. Currently, the general FOB level for the alternative outlets is at $1,040-1,070/mt FOB levels, SteelOrbis has learned. In particular, one of the Russian mills has returned to the market after a long-term absence with a lot of around 10,000 mt at $1,070/mt FOB as an offer.
