Over the past week, demand in the local Turkish pre-painted galvanized iron (PPGI) market has recovered slightly, while domestic PPGI prices have continued their uptrend. It is observed that buyers have accelerated their PPGI purchases before the rises in hot rolled coil (HRC) prices are reflected in coated coil prices. On the other hand, Turkish coated coil producers have further increased their domestic prices by an average of $15/mt week on week as a result of better demand and higher HRC quotations. Market sources state that demand in the local Turkish PPGI market is not expected to recover significantly due the approach of the end-of-Ramadan holiday and of the summer season, and also due to the metropolitan municipality elections in Istanbul to be held on June 23 and the ongoing negative outlook for Turkey’s economy.
Against this backdrop, Turkish producers' domestic PPGI prices have increased to $910-950/mt for RAL 9002 0.3 mm 100 gr/m² zinc-coated PPGI, at $750-790/mt for RAL 9002 0.5 mm PPGI and at $645-695/mt for RAL 9002 1 mm PPGI. All the offers in question are on ex-works basis and exclude 18 percent VAT.
In the same period, Turkish PPGI export quotations have also increased, rising by an average of $15/mt to $750-780/mt FOB.