Turkey-based re-rollers have increased their prices for cold rolled coil (CRC) with support from a combination of factors. First of all, the business environment has been favorable following China making a positive return after the holiday and the recent price increase for scrap. In addition, hot rolled coil (HRC) prices in Turkey have started to rebound, once again supporting the positive sentiment. Consequently, CRC buyers in Turkey have decided to restock prior to a price increase for the material and, as a result, the producers are mainly offering for June now with minor volumes left to be sold for May rolling.
Currently, the majority of domestic CRC offers in Turkey are at $1,000-1,030/mt ex-works while at the end of last week the levels were closer to $950-980/mt ex-works. Some mills are reportedly ready to deal at $980/mt ex-works even today, while others consider $990/mt ex-works as the lowest possible level in terms of deals. “All [suppliers] have enough orders to push the market for a price increase, and we can say that people saw that the prices will not go down and will be stable or go up. So they have started to book their orders quickly,” a local producer told SteelOrbis.
In the import segment, the latest CRC offers from South Korea have been at $980/mt CFR for May shipments. Some sources state that producers of white goods could have paid $960-970/mt CFR for ex-Russia CRC, but the supplier is said to have no allocation.