Trading activity in Turkey’s HRC market remains at moderate levels with most deals being closed for domestically offered material, while interest in the import offers is still quite low. China remains at levels well above $500/mt CFR, which is not workable for most of the Turkish re-rollers. Some demand is expected to be seen for Russian HRC in the new sales round as well as for Egyptian origin. Some hopes exist also for European demand and some price improvement expected to be seen in this destination may also give a little push to prices in Turkey.
Import offers for HRC from China are at $513-515/mt CFR for end-of-October shipments and for 40,000-45,000 mt Q195 3 mm and up material. The suppliers are still finding it hard to attract buyers’ attention, taking into account the still moderate demand for flats in Turkey and slow export sales so far, particularly to the EU.
Import offers from Japan and Taiwan are at $520-525/mt CFR, down by around $5/mt over the past week, with no interest seen from the Turkish side. The cargoes are available for November shipments. HRC from Malaysia with the same lead time is available at $540/mt CFR with rare bids reported at around $530/mt CFR.
Russian mills, according to sources, are testing the market for November shipment sales and are collecting orders. The sanctioned mill is expected to offer at around $490/mt CFR, while a non-sanctioned supplier is foreseen to aim for $520-525/mt CFR.
Domestic HRC prices for November deliveries in Turkey are at $550-565/mt ex-works base, stable over the past week. Export offers are officially at $540-555/mt FOB with $5/mt discounts available. However, Turkish mills are currently in no rush to sell and are trying to estimate the potential of the European market, which has returned from the holiday season.