Import flat steel prices under pressure in Turkey

During the past week, demand for imported flat steel in Turkey has remained slack. Turkish buyers have been showing more interest in import offers which are cheaper than locally produced flat steel, but they are also reluctant to conclude new deals due to expectations of a further decline in global hot rolled coil (HRC) prices, causing demand to remain weak and putting pressure on import flat steel prices.
 
Meanwhile, import HRC offers to Turkey from Russia and Ukraine have remained unchanged during the past week at $355-365/mt CFR and $340-350/mt CFR, respectively. There are rumors that a Turkish rolling plant has concluded an ex-Russia HRC deal for a large volume at $330/mt CFR, though this deal has not been confirmed yet.
 
In the same period, cold rolled coil (CRC) offers to Turkey have declined by $15/mt, with Russian CRC offers now at $420-430/mt CFR and Ukrainian CRC offers at $410-420/mt CFR.