Foreign hot rolled coil sellers to Turkey have become even more aggressive in terms of prices, aiming to attract buyers’ attention. As a result, the level of offers, from the CIS and Asia in particular, have dipped down further as compared to early this week.
Lowest offers have been coming from Russia’s MMK at $380/mt CFR for June shipments, while earlier $415/mt CFR levels were tested. According to sources, NLMK is offering at around $400/mt CFR this week.
Ex-India offers have been settled at $410/mt CFR from two suppliers, down from $440/mt CFR indications voiced earlier. Prices from South Korea have been heard at $425/mt CFR, versus around $450/mt CFR early this week. “The level doesn’t match their official FOB level, but it seems that they are quoting [this level] thinking that there will be a further decrease,” a trader told SteelOrbis.
No sales have been reported and sellers are waiting for some bids to evaluate, SteelOrbis understands. Buyers expect the CIS to be more successful in terms of deals as Asian sellers have the disadvantage of long lead times, which is crucial at the moment.
