Turkish hot rolled coil (HRC) producers have started the new week with another price increase in the local market, supported by the uptrend in the scrap segment, strong slab price levels and the limited HRC allocation in the market.
Local HRC offers for October-November deliveries in Turkey are voiced at $505-515/mt ex-works base early this week. Some mills, however, insist on levels as high as $520/mt ex-works. No deals have been reported in the domestic market, though a lot of sources believe the $500/mt ex-works level will be accepted once the key buyers feel the need to restock.
For now, the market is trying to estimate the import allocation, which will certainly be limited this month also. The CIS-based mills are aiming to sell at $480-485/mt CFR depending on the seller and the coil weight, SteelOrbis understands.
In the slab segment, information about deals from Brazil has been actively discussed in the market as closed to two Turkish mills at $430/mt or $435/mt CFR base.