Steel plate prices have continued falling in Turkey under pressure from insufficient demand, weak hot rolled coil (HRC) trade, and the generally cautious sentiment in the market ahead of the elections on May 14. The buyers are trying to avoid risks and are keeping their inventories at below medium levels.
Local producer Erdemir has dropped its base plate prices by $40/mt over the past two weeks to $930-950/mt ex-works, while the higher grades are at least $20-30/mt more expensive. Turkish retailers have preferred to maintain $1,050/mt ex-warehouse offers with discounts applicable in the case of serious orders.
Import offers have declined from most suppliers. Both Bulgaria and Romania are at $1,000/mt CFR for June-July shipment, down $20-25/mt over the past fortnight. South Korea is offering at $850/mt CFR base, down $20/mt over the same period and for shipment in July. Chinese suppliers, which were at low levels previously, are offering at $740/mt CFR for 3,000-5,000 mt for shipyards and at around $750-760/mt CFR for commercial grades. The ex-China offers have remained more or less stable over the past two weeks.