Considering the overall poor sentiment in the Turkish hot rolled coil (HRC) market and the continuing slowness of demand, the pressure on pricing in Turkey's flat steel spot market has intensified. Nonetheless, traders have mostly been able to keep prices stable over the past week since HRC mills have maintained their offers largely unchanged. Furthermore, market participants predict that prices may fall as Ramadan approaches when trade is likely to be calmer, but they also believe that even price declines will fail to entice buyers.
“Our prices remain unchanged because even discounts fail to attract buyers' attention. Fortunately, we received a few sales to projects, but otherwise demand is very low,” one of the larger traders told SteelOrbis.
As a result, workable domestic hot rolled sheet prices are quoted at $570-595/mt ex-warehouse, unchanged week on week. Reports state that bigger traders are offering at around $590-595/mt ex-warehouse, while smaller and medium-sized traders are offering at $570-580/mt ex-warehouse.
In the cold rolled sheet market, offers have remained stable compared to last week at around $700-730/mt ex-warehouse. However, a few traders have offered lower prices at around $690/mt ex-warehouse.
