Turkish buyers of import flat steel, having stepped up their price inquiries last week as they thought that import hot rolled coil (HRC) prices would switch to a rising trend, have slowed down their inquiries this week after ex-CIS flat steel offers to Turkey increased. As a result, demand for import flat steel in Turkey has weakened. As expected, CIS-based flat steel producers raised their prices this week due to the increases in domestic flat steel prices in Turkey and the ongoing rises in raw material prices. According to market sources, the tendency of flat steel prices in the global market is expected to be clarified after Chinese market players return from their holidays on Monday, February 11. Therefore, Turkish buyers will likely determine their import steel bookings depending on the price range that Chinese suppliers will offer in the coming week.
Against this backdrop, ex-CIS HRC offers to Turkey have increased by $15/mt week on week to $480-505/mt CFR, while cold rolled coil (CRC) offers from the CIS region to Turkey have risen by $10/mt in this period to $555-575/mt CFR.