Demand in the Turkish flat steel market has been very slack during the past week since buyers have completed their bookings of December production flat steel. Foreign suppliers of flat steel have mostly rejected Turkish buyers' firm bids in November. As a result, Turkish buyers have opted to book December production flat steel from domestic producers. Buyers believe the decline of 9.6 percent seen in iron ore prices in November has not been reflected to hot rolled coil (
HRC) prices yet, and so they continue to put downward pressure on
HRC prices.
Ex-
Ukraine HRC offers to
Turkey have remained unchanged over the past week at $270-280/mt CFR
Turkey. Meanwhile, ex-
Russia HRC prices have also remained stable in the same period at $275-285/mt CFR.
On the other hand, Ukrainian and Russian
CRC offers to
Turkey have moved sideways week on week and are at $330-340/mt CFR and $340-360/mt CFR, respectively.
All prices are for December production.