In the Turkish spot market, prices have remained stable throughout the week and demand has once again failed to recover. Furthermore, the fluctuations in the scrap segment and the stillness in the hot rolled coil (HRC) market have created uncertainty regarding the direction of the flat steel market.
“We have observed a mainly consistent trend in the Turkish hot rolled coil segment over the last week, with poor business activities again, so this week we are going to keep our existing offer levels while continuing to assess the market,” a trader told SteelOrbis.
Domestic hot rolled sheets (HRS) are still priced at $780-800/mt ex-warehouse, unchanged week on week. While some smaller traders are selling at a lower level of $770/mt ex-warehouse to attract the attention of purchasers, SteelOrbis has learned that a larger retailer is attempting to sell at $820/mt ex-warehouse, which is unworkable given the current conditions.
A similar pattern can be seen in the cold rolled sheet (CRS) market. Most traders are providing prices at around $880-900/mt ex-warehouse this week, the same as they did last week.