Discounts available in Turkish flat steel import market

Although new deals have been concluded in the flat steel import market in Turkey over the past week, demand has remained quite weak. Turkish buyers' requests for discounts have been met particularly by Ukrainian suppliers. Meanwhile, buyers state that moves by Chinese suppliers to increase their prices are not realistic due to the declines recorded in iron ore prices, expectations of a fall in Chinese consumption and due to the sharp rise in the strength of the US dollar against the Turkish lira.
 
Russian hot rolled coil (HRC) and cold rolled coil (CRC) offers to Turkey have remained unchanged over the past week at $405-415/mt CFR and $480-500/mt CFR, respectively. Buyers' firm bids for Russian HRC offers are currently in the range of $390-395/mt CFR. Meanwhile, Ukrainian HRC offers to Turkey have declined by $10/mt since last week to $375-385/mt CFR. No new Chinese offers to Turkey on CFR basis have been heard in the market yet, while Chinese HRC offers to the global market have increased by $10/mt compared to last week to $370-390/mt FOB.