In the Turkish domestic flat steel market, price offers, which started to increase two weeks ago, have continued to trend upwards this week.
Turkish integrated steel producer Erdemir increased its domestic flat steel offers by $20/mt early this week. Accordingly, Erdemir is now offering hot rolled coil (HRC) to its domestic market at $670/mt, while its cold rolled coil (CRC) offers are at $800/mt and its steel plate offers are at $730/mt, all ex-works.
In the first week of the current year, flat steel buyers in Turkey have continued to delay their purchases in order to better evaluate the market situation and price trends. Although it is thought that it is too early for the new increased offers to gain acceptance in the market, market players state that price increases may start to be reflected in actual sales prices by next week and transaction activity may accelerate. Turkish steel producers' domestic HRC offers are currently standing at $640-670/mt, while their local CRC offers are at $780-800/mt, both ex-works.
Turkish producers' price hikes have not been reflected in spot prices yet, with spot HRC prices still trending flat at $650-670/mt ex-warehouse.