During the past week, demand in the local Turkish cold rolled coil (CRC) market has been quite weak due to Ramadan and the sharp depreciation of the Turkish lira against the US dollar and the euro. Market sources state that buyers are unlikely to step up their booking activity before the snap election to be held on June 24 and that prices may resume their downward movement with the seasonal slowdown of trading activity during the summer period. Amid current market conditions, Turkish producers have maintained their prices at $670-690/mt ex-works.
In the spot market, prices of domestic CRC sold by local traders have remained unchanged week on week.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
750-760 |
760-780 |
|
0.7-2 mm CRC |
720-730 |
730-750 |
The offers are on ex-warehouse basis, for May delivery, and exclude 18 percent VAT.