Over the past week, buyers in the local Turkish hot dip galvanized (HDG) coil market have stepped up their bookings with the anticipation that coated steel prices in Turkey will increase in the coming period. Amid increased demand and due to the rises in HRC prices, Turkish HDG steel producers have increased their prices by $20/mt week on week. Market sources state that the upward movement of prices is unsustainable and that prices will fluctuate within a narrow range in the coming period and that demand in the local Turkish HDG market is not expected to recover significantly due to the approach of the end-of-Ramadan holiday and of the summer season, and also due to the metropolitan municipality elections in Istanbul to be held on June 23 and the ongoing negative outlook for Turkey’s economy.
|
Product |
Price ($/mt) |
Weekly change ($/mt) |
|
HDG 0.50 mm 100gr/m² |
680-710 |
↑20 |
|
HDG 1 mm 100gr/m² |
645-660 |
↑20 |
|
HDG 2 mm 100gr/m² |
585-605 |
↑20 |
In the same period, Turkish mills’ HDG export prices have increased by $20/mt week on week to $675-695/mt FOB.