Prices in the local Turkish flat steel spot market have declined by $10/mt since last week, while demand has also decreased despite low stock levels. "After the restocking period, buyers have started to exert pressure on prices and many traders have given discounts to continue their sales," a trader told SteelOrbis.
On the other hand, discounts have not helped the demand in the market, which has declined rapidly since the restocking activity. "We are not able to restock because flat product producers' prices are strong. In this situation, we think we will have great problems with stocks and lower trading activity in the coming months. Another problem is the Turkish lira-US dollar exchange rate. Due to the weaker lira, higher prices are not workable in the market and buyers are exerting pressure on prices as always. Most traders are trying to convert their stocks into cash because of the economic uncertainty," another trader told SteelOrbis.
Since last week, local spot prices have decreased by $10/mt for HRC, CRC and hot rolled pickled and oiled materials.
Product |
Price ($/mt) |
|
Ereğli |
Gebze |
|
2-12 mm HRC |
530-560 |
540-560 |
1.5 mm HRS |
560-590 |
570-600 |
3-12 mm HR P&O |
570-590 |
580-600 |
0.6 mm CRC |
650-660 |
650-670 |
0.7-2 mm CRC |
610-620 |
610-630 |