Demand for Turkish producers’ hot rolled coil (HRC) products in their domestic market has continued to be characterized by sluggishness this week, just like last week, as buyers have been concluding deals only to meet their immediate needs. Since buyers have been postponing their HRC purchases, having continued to expect further declines in domestic HRC prices since the beginning of May, and due to the stagnancy of the market during Ramadan which started in early June, trading activity for producers’ products has slowed down significantly. Due to these circumstances, Turkish HRC producers have decreased their prices by $30/mt week on week to $440-470/mt ex-works.
Meanwhile, demand has also remained slack in the local Turkish HRC spot market since buyers plan to make purchases after the end-of-Ramadan holiday, while traders’ spot prices have moved downwards since lower producer prices have exerted pressure on spot quotations. While HRC prices given by traders in the Eregli region have decreased by $10/mt, hot rolled pickled and oiled coil (HR P&O) prices from traders in the region have declined by $25/mt, both week on week. Meanwhile, HRC quotations from traders in the Gebze region have declined by $50/mt week on week, while HR P&O prices from traders in the region have declined by $20/mt.
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
Product |
Price ($/mt) |
|
Eregli |
Gebze |
|
2-12 mm HRC |
450-480 |
460-490 |
1.5 mm HRS |
490-520 |
505-535 |
2-12 mm HRC (for large tonnages) |
420-430 |
|
3-12 mm HR P&O |
500-540 |
540-580 |
The above prices are ex-warehouse and for advance payments, exclusive of 18 percent VAT.