Over the past week, demand for import flat steel in Turkey has been quite weak due to Ramadan and the sharp depreciation of the Turkish lira against the US dollar and the euro. Meanwhile, Turkish buyers have continued to make bookings only to meet their immediate needs in order to avoid building up stocks before the snap election in the country to be held on June 24. In the period in question, import flat steel offers to Turkey have softened, though demand is expected to remain weak amid the current market situation.
In this context, ex-CIS hot rolled coil (HRC) offers to Turkey have declined by $20/mt week on week to $570-590/mt CFR, while cold rolled coil (CRC) offers from the CIS region have decreased by $35/mt on average to $615-650/mt CFR Turkey.