During the past week, buyers in the local Turkish hot rolled coil (HRC) coil market has continued to postpone their purchases due to summer season as well as the approaching Feast of Sacrifice holiday. However, international demand for Turkish HRC has been strong, particularly to the European region. Under the current circumstance, Turkish HRC producers are unwilling to reduce their domestic HRC prices despite the weakness of demand, keeping them stable week on week at $610-620/mt ex-works.
On the other hand, demand in the Turkish HRC spot market has remained at low levels over the past week, while the domestic sales prices of traders for local HRC in Turkey have moved sideways week on week. However, trading activity in the Turkish HRC spot market has come to a near halt due to the rapid depreciation of the Turkish lira against the US dollar since yesterday, August 1, with purchases stopping and sellers closing their sales from time to time. The domestic sales prices of traders for local hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
610-620 |
620-630 |
|
1.5 mm HRS |
650-660 |
665-685 |
|
2-12 mm HRC (for large tonnages) |
600-610 |
|
|
3-12 mm HR P&O |
650-660 |
690-700 |