During the past week, ex-CIS hot rolled coil (HRC) offers to Turkey have decreased by $12.5/mt to $505-530/mt CFR and cold rolled coil (CRC) prices have declined by $5/mt to $565-590 CFR.
In the given period, buyers in the Turkish steel market have stepped up their inquiries for import flat steel following the recent declines in import flat steel offer prices to Turkey. However, these inquiries have not resulted in actual transactions since Turkish buyers have continued to adopt a cautious stance in terms of making new bookings due to the negative economic situation in Turkey and the fluctuations in the Turkish lira-US dollar currency rate. Having revised their prices downward at the beginning of the week, CIS-based HRC suppliers have increased their prices as of today, April 19, due to the rises in scrap prices. However, prices have decreased as compared to last week, since the declines observed early in the week were sharper than the subsequent rises. According to market sources, demand for import flat steel in Turkey is unlikely to recover in the short term, since buyers will likely continue to adopt a cautious stance towards new import flat steel bookings due to the approach of Ramadan and until such time as the lira-dollar exchange rate shows greater stability.