HRC prices in Turkey on downward track

Monday, 19 August 2019 17:19:28 (GMT+3)   |   Istanbul
       

Export prices for Turkish hot rolled coil (HRC) for October shipments are mainly ranging within $490-495/mt FOB, with some small lots marketed last week at $485/mt FOB to North Africa. Some producers’ prices are still officially standing at $500/mt FOB. Overall HRC tags from Turkey have decreased by around $10-15/mt since before the holiday. However, traders report that bids from key customers are down to $470-475/mt FOB, partly due to more competitive offers from India.

In the local Turkish market, HRC base prices are mainly at $500-505/mt ex-works, with only some producers ready to sell at $495/mt ex-works. As a result, domestically prices have dropped by $10/mt over the past 10 days. “Moods are negative now after the recent amendments to the quota regulation by the EC. And Turkey already has trouble selling to Europe as its offers are not competitive. Therefore, local prices might go lower,” a market source told SteelOrbis.

In the import segment, India’s prices are among the most aggressive - one of the Indian mills was offering for September shipment at $490/mt CFR versus $510/mt CFR before the holiday. South Korea has been in the market with $505-510/mt CFR offers since last week. However, no fresh deals have been reported from Asia as buyers are mainly aiming to see a somewhat clearer market picture. One of the Russian mills, according to the market sources, sold at least 20,000-25,000 mt to Turkey last week within $500-510/mt CFR. Deals from Ukraine were reported at $485/mt CFR, SteelOrbis has learned.


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