Export and domestic demand for Turkish CRC remains weak with key buyers insisting on discounts.
As regards exports, Turkish CRC is available mainly at $590-595/mt FOB, though some producers have been offering $600/mt FOB and above. Traders report $580-585/mt FOB is also achievable; however, these levels are still hardly workable, specifically when dealing with the EU. “Asia has been offering $560-570/mt CFR Antwerp, leaving us no chance to beat this price,” a trading source mentioned. In addition, the number of inquiries ex-EU is very much limited these days amid the holiday period while stocks in Europe are at satisfactory levels. Turkey has been actively trying to conclude deals to the US, but no fresh sales have been confirmed.
Locally, CRC in Turkey is on offer at $580-600/mt ex-works, down $5/mt since the end of July. According to market sources, $565-570/mt ex-works is the maximum that local consumers would accept, taking into account that the HRC tags have hit $500-505/mt CFR and $510/mt ex-works, SteelOrbis understands. “Today everyone from Turkey who is offering $600/mt ex-works/FOB and above is dreaming,” a trader said.
Most Turkish producers are in the market to sell CRC for October production; however, some limited volumes of base specification are reportedly available for September.