During the past week, Turkish buyers have maintained their cautious stance as regards import flat steel purchases and have continued to postpone them. Due to the ongoing fluctuations in the Turkish lira-US dollar exchange rate as well as the concerns about Turkey’s economic outlook, Turkish buyers are trying to keep their inventory levels at low levels, and so they are not concluding purchases except of their immediate needs. Additionally, buyers are observed to be seeking deals for small tonnages at lower prices. Market sources expect buyers to maintain their cautious stance in the short term, while they foresee a slack import flat steel demand in Turkey in the coming period.
Under the circumstances abovementioned, ex-CIS hot rolled coil (HRC) offers to Turkey have decreased by $20/mt week on week to $530-550/mt CFR, while ex-CIS cold rolled coil (CRC) offers to the same destination have fallen by $10/mt on the lower end week on week to $610-630/mt CFR.