Over the past week, demand in the local Turkish cold rolled coil (CRC) market has remained weak, while Turkish producers’ domestic CRC prices have remained unchanged week on week at $610-630/mt ex-works, excluding 18 percent VAT. Due to the ongoing declines observed in Chinese HRC offers to the export markets, Turkish market players’ expectations that flat steel prices in the global market will continue to soften have strengthened. Accordingly, Turkish buyers are making CRC bookings only to meet their immediate needs. In the short term, demand for domestic CRC in Turkey is not expected to recover due to the approach of the new year and the negative economic situation of the country.
In the spot market, prices of domestic CRC sold by local traders have declined by $10/mt week on week and are still at the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
650-660 |
660-680 |
|
0.7-2 mm CRC |
620-640 |
630-660 |
The offers are on ex-warehouse basis, for November delivery, and exclude 18 percent VAT.