In Turkey, domestic and export HRC prices have remained stable from early this week and local demand is relatively lively for small and medium-sized lots, while exports have been relatively quiet. Import purchasing activity has also been quite modest and it seems that the material with short shipment periods will be prioritized once again. While Russia is just starting to offer for the new round of sales, Egypt has already managed to sell a medium-sized tonnage to Turkey.
Import offers from China to Turkey have remained at $485-495/mt CFR depending on the trader, for re-rolling grades, while price levels for pipe-makers have been set at $520-525/mt CFR. No deals have been reported yet and buyers just seem to be waiting. Malaysian offers are at $545-550/mt CFR for end-of-January shipments, up $5/mt over the past week. In the meantime, according to sources, an Egyptian supplier has traded 10,000 mt of HRC to Turkey at $557/mt CFR, versus the initial offers at $560/mt CFR.
Russian mills have started indicating offers for the round of sales - for February shipment HRC. The sanctioned mill is reported to be offering at $470-475/mt CFR, up by $5-10/mt compared to the previous round of sales. The non-sanctioned Russian producer, according to the buyers, is aiming for $495/mt CFR, up from $480-495/mt CFR in previous sales.
Domestic HRC prices in Turkey have remained at $550-570/mt ex-works base for end-of-January and February deliveries. However, the upper end of the range is not considered workable. In addition, export activity seems to be rather quiet, at least for European destinations where the CBAM-related uncertainties have been weighing on demand. Export offers from Turkey are at $540-550/mt FOB for January shipments, while $5/mt discounts are still possible.