Demand in the local Turkish hot rolled coil (HRC) market has remained at low levels over the past week. It is observed that Turkish buyers have continued to postpone their purchases after the local election held on March 31 as they have started to monitor the demand received from the end-users and also the Turkish lira-US dollar exchange rate.
However, the electoral atmosphere in Turkey has not yet ended due to the unconfirmed election results and ongoing vote recounting in major cities and so the market remains quiet. Under the current circumstances, producers in the local Turkish HRC market have kept their domestic prices stable week on week at $520-540/mt ex-works.
Market sources state that a clearer trend in end-user demand may be seen after election results are finally confirmed and they expect buyers to restart purchases depending on the demand coming from end-users. Market sources add that Turkish buyers are also monitoring the movements of the Turkish lira-US dollar exchange rate. As a result, demand in the local Turkish HRC market is not expected to recover in the coming days.
As for the spot market, demand is still weak and traders’ prices have remained stable week on week.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
550-560 |
560-570 |
|
1.5 mm HRS |
590-600 |
595-625 |
|
2-12 mm HRC (for large tonnages) |
540-550 |
|
|
3-12 mm HR P&O |
580-590 |
620-630 |