HRC prices in Turkey stable, business weak

Thursday, 08 August 2019 14:03:15 (GMT+3)   |   Istanbul

Local HRC prices in Turkey have remained stable over the past week at $515/mt ex-works on average, with $510/mt ex-works being rather easily achievable. “If we come with a 20,000-30,000 mt inquiry, they will give a good discount for sure,” a re-roller told SteelOrbis. Mills are in the market to sell for October deliveries.

Export offers are officially voiced at $500-510/mt FOB for October shipments, though the market reality is close to $490-495/mt FOB, sources estimate. “There is no buyer in the market even if we propose lower prices. The EU is on holiday, postponing their purchasing. Muslim countries will be off too,” a Turkish producer told SteelOrbis. In the meantime, market players have mentioned a HRC sale to North Africa at $485/mt FOB.

The import segment has been slack this week. Following some purchases from the EU, both buyers and sellers are reluctant to enter active negotiations ahead of the holidays. Russia’s NLMK is still taking its time to make an official announcement, while MMK is offering at $505/mt CFR for big coils. This supplier’s small coils were sold last week at $490/mt CFR and slightly above.

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