Demand for Turkish cold rolled coil (CRC) in the export markets has seen a further gradual weakening over the past week, remaining quiet. The gap between Russian and Chinese CRC offers has narrowed, while competition in the global market has heated up significantly. Turkish CRC offers to the export markets have remained unchanged since last week in the range of $520-530/mt FOB, failing to gain acceptance in the market. With Chinese CRC offers at $515/mt FOB and Russian CRC offers in the range of $490-520/mt FOB, it is getting harder for Turkish producers to compete in the export markets.
On the other hand, Ukrainian HRC offers to Turkey have declined by $10/mt over the past month to $410/mt CFR, while Ukrainian CRC prices to the same destination have declined by $5/mt during the same period to $495/mt CFR. Although these offers are below the price levels in the local Turkish HRC and CRC markets, they have failed to gain acceptance and Turkish buyers have continued to conclude their purchases only in line with their needs.
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