Turkey has continued showing a rather moderate demand for HRC this week with some deals being done for small and medium sized lots according to the buyers’ necessity to restock. The customers are mainly dealing for the local material and for the one with the shorter delivery terms i.e. from Russia, aiming to minimize their risks. Ex-Asia offers have remained high with little fluctuation over the week while the cargoes are for November deliveries which is too far away for most of the Turkish buyers to consider. Moreover, most of them are expecting China to roll back in the short run therefore hopeful for better prices to be seen.
Ex-China Q195 3 mm and up HRC is available in Turkey at $515-520/mt CFR for October shipments, while earlier some of the traders stood at $505-510/mt CFR, most probably with non-VAT offers. Buyers’ price idea is still hardly above $490/mt CFR which is not suitable for the suppliers. HRC offers from Malaysia have been indicative at $545-550/mt CFR and, according to sources, the supplier is not going to provide sizeable discounts, following its large scale sales in Asia and to the EU. Egyptian HRC supplier is currently not in the market with firm offers while the latest indications stood at $550-555/mt CFR for October shipments.
In the meantime, Turkey has continued to show interest in Russian HRC, available for October shipments. While the sanctioned producer has decided not to sell much to Turkey at earlier announced $485-490/mt CFR and found better prices in North Africa, the non-sanctioned mill has continued selling at $510-515/mt CFR with the total volume for October shipment considered to have hit around 50,000 mt.
Local HRC prices in Turkey are at $555-565/mt ex-works for October deliveries with small deals reported at $545-555/mt ex-works, closed by those in need to replenish the stocks. On exports, the realistic price level is at $540-550/mt FOB and at up to $560/mt FOB with not much activity seen.
