Despite the demand for cold rolled coil (CRC) has remained rather weak in Turkey, the re-rollers have avoided further discounts, mainly amid firm scrap and somewhat mixed sentiment in the hot rolled coil (HRC) market.
The domestic CRC offers in Turkey vary within $510-530/mt ex-works, with $10/mt higher levels also being offered by producers, who are offering for a longer lead time. While last week $505/mt ex-works was possible to get, this week sellers seem to be reluctant to provide this price. The demand is reported as slow, but existent. Overall, this week all eyes have been on the HRC prices, which have weakened from the lower end, but still remained under pressure. Moreover, by the end of the week, the key HRC producers have started to talk about increased prices to be announced on Monday, which has brought some additional confusion to the CRC and the coated steel market, SteelOrbis understands.
In the import segment, the number of offers is scarce. Some of the ex-CIS mills are likely to either skip this round or sell only minor tonnages. According to sources, some medium sized lots have been traded since late June at $475-490/mt CFR, but no details have been disclosed. Offers from South Korea are not workable and reported at $530/mt CFR and above for September shipments.
