Prices of hot rolled coil (HRC) from abroad have continued to soften in Turkey, being under pressure from limited demand and the weak positions of local Turkish producers. However, some players are hopeful for some rebound if there is a positive outcome from the talks with the US.
Russia’s MMK is currently offering HRC (both small and big coils) at $430/mt CFR for November shipments, with $425/mt CFR also possible to get. In the meantime, the latest deals from NLMK have been reported within $430-435/mt CFR while initially the supplier was selling $440-445/mt CFR for shipment in the same month. Ukraine’s Metinvest International S.A.’s offers are standing at $430-435/mt CFR, but bids are heard at $410-415/mt CFR with no fresh sales reported.
In the meantime, Turkey has remained interested in HRC from Asia. According to the sources, around 20,000 mt were sold from Japan at around $435-440/mt CFR for October shipment. “There was an unsold allocation. That’s why the price is lower than expected,” a local source said.
In the local market of Turkey, HRC is offered mainly at $440-450/mt ex-works indicatively, but buyers say $435/mt ex-works should be available too. Exports remain challenging with prices having fallen by around $10/mt. Turkey is currently offering $430-445/mt FOB for November production; some small lots have been changing hands to the EU at $425-430/mt FOB, SteelOrbis has learned.
