Flat steel price increases stall in Turkish market

The flat steel price increases in the Turkish market which had been continuing since early January have stalled this week, with buyers switching to waiting mode.
 
This week, Turkish steelmaker Çolakoğlu Metalürji has maintained its March production hot rolled coil (HRC) prices at $830/mt ex-works, while the Turkish integrated steelmaker Erdemir's April production HRC and CRC stand at base price levels of $850/mt and $950/mt respectively. 
 
The Turkish flat steel market had been waiting a long time for the flat steel export prices of ArcelorMittal's Romania-based subsidiary ArcelorMittal Galati. As SteelOrbis has previously reported, ArcelorMittal Galati this week concluded a deal for approximately 50,000 mt of HRC to Turkey at the price level of $815-825/mt CFR.
 
Last week, Turkish flat steel producers' price hikes had been reflected in spot market sales prices. However, it is observed that this week some traders have slightly softened their prices. SteelOrbis has learned that in this week's Turkish domestic spot market 2 mm HRC offers have been at $790-810/mt, while 1-1.5 mm CRC offers have been at $920-950/mt, both ex-warehouse.