Over the past week, demand for import flat steel in Turkey has remained weak influenced by the approach of the new year and the negative economic situation in the country. Turkish buyers have continued to exert pressure on prices and have postponed their bookings with the expectations that price offers will decrease further in the coming period due to the price competition between suppliers from CIS and China in the Far Eastern market. Market sources state that in the short term Turkish buyers will continue to conclude deals only to meet their immediate needs and will continue to exert pressure on prices in the short term.
Ex-CIS HRC offers to Turkey are still at $500-530/mt CFR, while ex-CIS cold rolled coil (CRC) offers to Turkey have also remained unchanged at $610-630/mt CFR. However, the ex-CIS prices are likely to weaken slightly in the short term amid downward pressure.