Import flat steel prices in Turkey gain clarity

New price levels has become clear in Turkey's import flat steel market this week, while demand is still slack due to the approach of the end-of-Ramadan holiday. Import flat steel offers have remained stable in the same period despite the declines seen in Turkish producers' prices. Buyers are reluctant to conclude new deals due to their concerns that prices may continue their declining trend after Ramadan. On the other hand, Turkish buyers are still maintaining a cautious stance towards foreign offers against the backdrop of Turkey's anti-dumping investigation against the hot rolled coil (HRC) imports, initiated on January 28, and they are trying to avoid possible measures. However, despite the trade investigation, flat steel imports in Turkey have increased by 27.7 percent year on year in the first five months of the current year. In the same period, Turkey's slab imports have also risen, increasing by 84.1 percent year on year. The main reasons for the increases in Turkey's flat steel imports are believed to be the attractiveness of foreign offers and producers' strategy to use slab in production instead of high-priced import scrap.
 
Meanwhile, import HRC offers to Turkey have remained stable during the past month, with Russian HRC offers at $365-375/mt CFR and Ukrainian HRC offers at $355-365/mt CFR.
 
In the same period, cold rolled coil (CRC) offers to Turkey have also remained unchanged, with, Russian CRC offers at $460-470/mt CFR and Ukrainian CRC offers at $460/mt CFR.