Demand in the local Turkish hot dip galvanized (HDG) coil market has remained at low levels over the past week. It is observed that Turkish buyers have avoided increasing their inventory levels and are postponing their purchases due to the negative economic outlook and Ramadan.
Turkey’s economic outlook has been negatively influenced by the increased political tensions in the country following the Turkish Supreme Electoral Council’s decision announced on Monday, May 6, to repeat the local elections in Istanbul on June 23, Accordingly, the Turkish lira has sharply depreciated against other currencies. It is observed that trading activity in the local Turkish HDG market has slowed down with the Turkish lira rapidly losing strength against the US dollar. Market sources report that Turkish buyers are not expected to restart HDG purchases before seeing a relatively stable trend in the exchange rate.
|
Product |
Price ($/mt) |
Weekly change ($/mt) |
|
HDG 0.50 mm 100gr/m² |
655-685 |
↓15 |
|
HDG 1 mm 100gr/m² |
620-635 |
↓15 |
|
HDG 2 mm 100gr/m² |
560-580 |
↓15 |
In the same period, Turkish mills’ HDG export prices have declined by $15/mt week on week to $650-670/mt FOB.