Demand in the local Turkish cold rolled coil (CRC) market is still slack since buyers prefer to postpone their bookings, holding the view that prices have not hit bottom yet. Over the past week, prices in the local Turkish CRC market have recorded sharp declines due to the downtrend of hot rolled coil (HRC) prices in the domestic market, decreasing by $50/mt week on week to $650-670/mt ex-works. Market sources state that buyers’ inventories are at desirable levels and so they want to be sure that the prices have reached bottom before concluding any deals. This situation is expected to prompt downward pressure on domestic CRC prices in Turkey in the coming period.
Meanwhile, Turkish traders’ CRC prices in the local spot market have decreased by $20/mt week on week to the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
710-730 |
720-750 |
|
0.7-2 mm CRC |
680-700 |
690-720 |
The offers are on ex-warehouse basis, for October delivery, and exclude 18 percent VAT.