Is the uptrend of import HRC prices in Turkey only temporary?

Against the backdrop of Moody's decision to downgrade Turkey's credit rating and reports recommending an extension of the ongoing state of emergency in the country, the cautious mood in the import flat steel market in Turkey has intensified, while demand has remained at low levels as buyers are only purchasing in line with their needs.
 
Ex-CIS hot rolled coil (HRC) offers to Turkey have increased by $10/mt on average week on week to $400-430/mt CFR, while cold rolled coil (CRC) offers from the CIS region to Turkey have remained stable at $440-470/mt in the same period. However, market players state that import HRC offers may soften in the coming period since Turkish steel producers have reduced their domestic HRC quotations this week.