During the past week, with the influence of the declines seen in global flat steel and raw material prices, demand for import flat steel in Turkey has been at low levels. Due to the declines seen in global flat steel and raw material prices, CIS-based flat steel suppliers have reduced their export prices, and so are offering lower import flat steel quotations given to Turkey. Market sources expect this downward movement in import flat steel prices to continue for some time, while they also believe import flat steel purchases in Turkey will increase since Turkish steel mills have not reduced their domestic hot rolled coil (HRC) offers due to the support received from their export markets.
Ukrainian and Russian HRC offers to Turkey have both declined by $20/mt week on week to $600-605/mt CFR and $600-610/mt CFR, respectively. Meanwhile, Ukrainian and Russian cold rolled coil (CRC) offers to Turkey have also declined, softening by $10/mt week on week to $630-640/mt CFR and $640-660/mt CFR, respectively.