Domestic HRC prices in Turkey have finally moved up after weeks of stability, with producers mainly citing higher scrap prices and the partially limited allocation for January as the main reasons for the increases. In addition, CBAM-related uncertainties and the lack of aggressive import prices have also affected Turkish market prices.
Local HRC offers in Turkey are now settled at $555-570/mt ex-works officially, versus $535-545/mt ex-works earlier. Still, $5/mt discounts are considered possible, but generally it is believed that mills will be able to achieve some increase compared to the prices of a couple of weeks ago unless the scrap price trend shows a sudden change. As for exports, offers are mainly at $530-550/mt FOB, for end-of-January shipments.
Import offers for re-rolling grades are at $490/mt CFR for January shipments, while non-VAT material is mainly offered at $478-485/mt CFR, sources report. The pipe-making breakdowns are at $515-520/mt CFR for the same shipment term. No deals have been reported lately since the lead time is quite a long one and there are uncertainties. “Asian imports are BF-based HRC and people may prefer to increase the share of their bookings from local EAFs, for the time being at least,” a trader told SteelOrbis.
The EAF-based Egyptian supplier is currently out of the market, while the latest offers stood at $530-535/mt FOB or around $545-547/mt CFR Turkey. Malaysia is in the market with January shipments at $540/mt CFR, with the highest bids standing at $530/mt CFR, SteelOrbis has learned. Russia is currently sold out for January shipments and is expected to offer again early next month.
