Domestic CRC for October deliveries in Turkey are at $570-585/mt ex-works, by $10-15/mt down over the month. Some small deals were closed at the upper end of the range, but generally, the demand is coming at $570/mt ex-works and below. “Some large volumes can be traded at $565/mt ex-works, I believe, but only by integrated facilities that have control over their HRC production. For all others such sales are definitely a loss,” a re-roller told SteelOrbis.
Export offers for CRC for October-November shipments from Turkey are mainly at $570-580/mt FOB officially. However, some traders say $10-20/mt lower levels might be also achievable. The competition with India in the European market remains harsh: offers from JSW to Spain were reported at $560/mt CFR.
In the import segment, CRC from South Korea has been sold recently at $540/mt CFR versus $550/mt CFR offered initially. Russia is taking its time to announce official prices for October production; latest indications were voiced at $550/mt CFR but are considered not workable. Buyers believe that the CIS will have trouble selling above $520-530/mt CFR in the coming round.