Demand for flat steel imports in Turkey impacted by approaching election

Demand in the Turkish flat steel market has remained low over the past week due to the approaching general election and the weakness of the Turkish lira against the US dollar and the euro. In the coming period, import hot rolled coil offers to Turkey are expected to increase amid Turkish steel producers' decision to increase their prices last week in addition to expectations of an upward movement in the global flat steel markets due to increasing iron ore prices.
 
No new import flat steel offers to Turkey have been heard since last month. The most recent prices for Russian hot rolled coil (HRC) and cold rolled coil (CRC) to Turkey were in the ranges of $385-395/mt CFR and $475-495/mt CFR, respectively. Similarly, the latest prices for Ukrainian HRC and CRC to Turkey were in the ranges of $375-385/mt CFR and $465-475/mt CFR, respectively.