Turkish flat steel spot prices have continued to increase even though demand has still failed to recover. Prices in the flat steel spot market have been increasing continuously for the past five weeks and traders believe the market has not yet hit its highest point. The unclear economic situation and tightened credit have caused buyers to exert pressure. However, since spot stock levels have remained low and are not expected to increase in the coming week, traders have managed to avoid giving discounts. Moreover, mills’ stronger prices have again supported them in increasing their own offers. Overall, since the start of the year flat steel spot prices in Turkey have increased by 25-30 percent.
"Traders continue to renew their stocks at higher prices each day, and this is why, with or without demand, they have to increase their prices too. Demand is low because too many people have liquidity problems, including traders. Only limited amounts have been ordered for June and July by traders because of tighter credit. But it is a good thing for the market balance because overstocking always exerts strong pressure on the prices," a trader told SteelOrbis.
Spot prices have increased by $50/mt for HRC, $80/mt for CRC materials, and $30/mt for HR pickled materials, week on week.
Product |
Price ($/mt) |
|
Ereğli |
Gebze |
|
2-12 mm HRC |
1,050-1,070 |
1,060-1,080 |
1.5 mm HRS |
1,080-1,090 |
1,070-1,100 |
3-12 mm HR P&O |
1,130-1,150 |
1,140-1,170 |
0.6 mm CRC |
1,350-1,360 |
1,350-1,370 |
0.7-2 mm CRC |
1,400-1,410 |
1,400-1,420 |