Although ten days have passed since the referendum in Turkey, demand in the local Turkish hot dip galvanized (HDG) coil market has remained at low levels due to the ongoing political and economic uncertainties in the country. Market sources state that, although coated coil inventories in Turkey are at low levels, buyers are still concluding HDG coil purchases only in line with their needs as they prefer to wait-and-see amid the declines seen in global raw material and flat steel prices, and also given the fluctuating trend of the Turkish lira-US dollar exchange rate.
Domestic producers' HDG prices in the local Turkish market are currently as follows:
Product | Price ($/mt) | Change ($/mt) |
HDG 0.50 mm 100gr/m² | 720-770 | - |
HDG 1 mm 100gr/m² | 685-710 | - |
HDG 2 mm 100gr/m² | 650-665 | - |
On the export side, due to declines in global raw material and flat steel prices, overseas buyers are postponing their purchases in order to monitor the market, resulting in weak demand. Meanwhile, Turkish producers' HDG offers to the export markets still stand at $720-750/mt FOB, unchanged week on week.