Although most HRC buyers in Turkey have preferred to start the new week in wait-and-see mode, some import offers have risen slightly in line with domestic mills hinting at further domestic price rises.
Currently, ex-China Q195 3 mm and up HRC for September shipments are offered by one of the key traders at $515/mt CFR, marking the highest offer for this origin in the market, up from $505-508/mt CFR at the end of last week. Other Chinese HRC suppliers are not quite present in the market and their levels are evaluated at $495-505/mt CFR including non-VAT offers, though such offers are expected to become rarer. “Today I doubt anyone would buy at $480/mt CFR even. The market is too shaky,” a source told SteelOrbis.
The Egyptian supplier is offering at $550/mt CFR for September shipments this week, up $5-10/mt, with negotiations expected to continue. In addition, Russian mills are offering HRC for September at $475-510/mt CFR depending on the mill and sanctions, while evaluating buyers’ bids.
The domestic HRC prices in Turkey are at $550-565/mt ex-works with some suppliers voicing $570/mt ex-works, but the upper end of the range is not considered workable. The official export HRC offers are at $535-550/mt FOB and above, which is closer to Turkish domestic levels than it was a couple of weeks back.
Turkey’s local CRC prices are indicatively up $10/mt over the past week to $650-670/mt ex-works, following some restocking at the lower end of the range. Export CRC offers are still evaluated at $620-635/mt FOB and above. Local 0.5 mm Z100 HDG is still at $760-780/mt ex-works, while PPGI is at $860-890/mt ex-works, but, according to sources, discounts of up to $20/mt might be applicable in case of firm demand.