Over the past week, demand in the local Turkish hot dip galvanized (HDG) coil market has remained slack. Despite the weakness of demand, Turkish HDG steel producers have increased their prices by $30/mt week on week, due to the positive sentiment which has started to prevail in the market since the US reduced the 50 percent duty on Turkish steel imports to 25 percent as of May 17 and due to the sharp increases in global iron ore prices. According to market sources, demand for domestic HDG in Turkey market is unlikely to recover in the short term due to the negative economic situation in the country, the approach of the summer season and the Ramadan period. However, no sharp declines are expected in prices of coated steel, including HDG, in the Turkish domestic market as flat steel prices in the global market are expected to remain strong due to the high levels of iron ore prices.
|
Product |
Price ($/mt) |
Weekly change ($/mt) |
|
HDG 0.50 mm 100gr/m² |
660-690 |
↑30 |
|
HDG 1 mm 100gr/m² |
625-640 |
↑30 |
|
HDG 2 mm 100gr/m² |
565-585 |
↑30 |
In the same period, Turkish mills’ HDG export prices have increased by $30/mt week on week to $655-675/mt FOB.