Approaching the end of the year, it is thought that the sluggishness in the Turkish flat steel market may come to an end soon, while market players state that flat steel prices may have already reached bottom levels.
In the meantime, activity in the Turkish flat steel market in the first week of December has been livelier as compared to November. Although it is predicted that the scrap price increases seen in the last two weeks may be reflected in flat steel prices, Turkish flat steel producers have not announced any such increase so far.
In the Turkish domestic market this week, steel producers' local offers for January production hot rolled coil (HRC) are standing at $620-630/mt ex-works, while their cold rolled coil (CRC) offers are at $730-750/mt ex-works. In the meantime, HRC spot prices are at $650-680/mt and CRC spot prices are at $770-800/mt, both ex-warehouse.
In the past few months, the contraction in demand in the global markets has resulted in price declines and reduced market activity. However, it is thought that in 2012 the flat steel markets may recover and prices may switch to an uptrend.