HRC market quite in Turkey, waiting for China’s decision on export tax

Friday, 30 July 2021 17:02:22 (GMT+3)   |   Istanbul
       

Turkey’s hot-rolled coil (HRC) market has seen a quiet post-holiday week with the local prices being relatively stable through most of it. Import activity has been almost absent since most of the CIS-based sellers are already sold out for August. By the end of the week, the China news has started to affect the market moods in a positive way and some of the suppliers have started thinking they might increase the prices, breaking the downtrend.

Throughout most of the week, the local HRC prices in Turkey were reported at $1,030-1,050/mt ex-works, same as before the holiday. The business activity has been slow as the buyers are not in a rush to restock amid low demand for cold-rolled and coated coils while the mills are not under pressure to sell. However, by the end of the week, some of the sources have reported the indicative prices for HRC in the domestic market are back to $1,070-1,075/mt ex-works. “This is all coming out of rumors about China introducing the export tax for HRC from next week which can support the prices here. The rebate cancellation for cold-rolled and coated steels can also help Turkey to break the trend,” a trader told SteelOrbis.

On exports, most of the sources have been reporting offers at $1,050-1,060/mt FOB, $20/mt down from the upper-end over the week. The demand in the EU is still silent taking into account the weaker local pricing and the holiday period. Only small lots have been lately sold from Turkey at $1,020-1,040/mt FOB, SteelOrbis has learned.

The import segment has been quiet this week as most of the CIS-based mills are sold out for August. The latest deals from Russia were closed at $940-950/mt CFR depending on the supplier, while Ukraine traded $950/mt CFR in the most recent transaction.

 


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