Import hot rolled coil (HRC) prices in Turkey have decreased further over the past week amid the discounts given during negotiations. Some price inquiries made last week have resulted in actual sales in this period, while buyers have limited their purchases only to their immediate needs as they have become anxious due to the depreciation of the Turkish lira. It is noteworthy that price inquiries for import flat steel in Turkey have rapidly slowed down after the Turkish lira’s depreciation started to gain momentum as of mid-week. Market sources do not expect demand for import flat steel in Turkey to improve in the short term, but instead they believe that demand will be negatively influenced by the poor outlook for Turkey’s economy and the approach of Ramadan and and of the summer season.
During the past week, ex-CIS HRC offers to Turkey have decreased by $20/mt to $485-510/mt CFR, while cold rolled coil (CRC) offers from the CIS region to the same destination have remained stable in the same period at $565-590/mt CFR.