Domestic cold rolled coil (CRC) prices in Turkey have continued to weaken, though at a somewhat slower pace compared to the period when offer levels were surging (November and December). Similar to the hot rolled coil (HRC) segment, local producers are trying to avoid sharp price drops in order to avoid a free-fall in prices.
Over the past week, local CRC prices in Turkey have dropped by $10-20/mt to $930-970/mt ex-works depending on the supplier. The upper end of the range is not considered workable in the market. Sources comment that weaker scrap prices and the negative mood in the HRC segment are the key reasons for the downward trend of CRC prices. It is worth mentioning that some sources report that the workable levels for flats are not being shown in the market. “Producers accept low bids, but do not want this to be heard. On the other hand, they want to be fully booked before any possible significant price change,” a market player told SteelOrbis.
Most re-rolling companies in Turkey are in the market to sell for April and May deliveries.