Over the past week, demand for import flat steel in Turkey has continued to be characterized by sluggishness since Turkish buyers had concluded many flat steel bookings from their domestic market in previous weeks, also as current prices levels of import flat steel are considered to be on the high side, and in addition given the approach of the Feast of Sacrifice holiday (Aug. 31-Sept. 4). For the same reasons, demand for domestic flat steel has also been at low levels during the past week. However, with the recovery of global flat steel prices resulting from the rebound of steel prices in the Chinese domestic market and of iron ore prices in the global market, which had been on a downward trend from the beginning of the current week until yesterday, August 17, import flat steel offers to Turkey have continued to increase.
Ex-Russia hot rolled coil (HRC) offers to Turkey have moved up by $20/mt on the lower end and by $10/mt on the upper end week on week to $570-580/mt CFR, while market sources state that Ukrainian HRC sellers have completed their sales and made no HRC offers to Turkey in the given period.
Meanwhile, ex-CIS cold rolled coil (CRC) offers to Turkey have increased by $20/mt on average week on week, with Ukrainian and Russian CRC prices for Turkey now at $590-600/mt CFR and $610-630/mt CFR, respectively.