Demand in Turkey’s cold rolled coil (CRC) market has failed to fully support the price increase attempted by producers earlier. As a result, the offer levels for local origin CRC have rolled back compared to the levels targeted early last week.
According to sources, most CRC producers in Turkey are in the market with $540-550/mt ex-works indications, down by around $10-15/mt. Some re-rollers are offering $530/mt ex-works, while some buyers report $520/mt ex-works offers are also available in the market from these producers, who have significant stocks and are usually supported by demand from industries. The workable level for CRC in Turkey is estimated as not higher than $520-540/mt ex-works. “There were sales and people booked some. But we can hardly consider the panic restocking as a true demand recovery. For that, industries have to get back to normal operations,” a producer told SteelOrbis.
In the import segment, the number of offers has been scarce. The price indications from South Korea have been voiced at $520-540/mt CFR effective in the Marmara region. Some lower levels have also been reported, but were not confirmed by the time of publication.