Over the past week, demand in the local Turkish hot rolled coil (HRC) market has remained weak, while Turkish producers’ prices have moved sideways at $570-590/mt ex-works. Buyers in the local Turkish HRC market have postponed their purchases ahead of the end-of-Ramadan holiday and snap election to be held on June 24.
Meanwhile, buyers in the European market, the key export market for Turkish HRC suppliers, are cautious about booking Turkish HRC as the safeguard investigation launched in the EU has yet to be concluded. They are putting pressure on Turkish HRC exporters in order to obtain quick delivery and low prices. Accordingly, HRC demand both in the domestic and the export market is unlikely to pick up.
As for the spot market, buyers postponed their purchases to keep their inventories at low levels ahead of the holidays and prices have remained stable. The domestic sales prices of traders for local hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
600-610 |
610-620 |
|
1.5 mm HRS |
640-650 |
655-675 |
|
2-12 mm HRC (for large tonnages) |
|
590-600 |
|
3-12 mm HR P&O |
640-650 |
680-690 |