Local Turkish HRC market remains under downward pressure

Thursday, 09 May 2019 14:59:38 (GMT+3)   |   Istanbul
       

Demand in the local Turkish hot rolled coil (HRC) market has remained at low levels over the past week, while domestic HRC prices have moved sideways at $520-540/mt ex-works. It is observed that Turkish mills have continued to exert pressure on prices by postponing their purchases except to meet their immediate needs, against the backdrop of the weakening of the Turkish lira against other currencies. Although purchases below the price level of $500/mt ex-works have been heard in the local Turkish HRC market, SteelOrbis has not gained confirmation for this level from the parties involved.

According to market sources, Turkey’s economic outlook has been negatively impacted by the increased political tensions caused by the Turkish Supreme Electoral Council’s decision announced on Monday, May 6, to repeat the local elections in Istanbul on June 23. They also mention that demand in the local Turkish HRC market is expected to remain at low levels until the election is over.

As for the spot market, despite the near halt in trading activities due to the weaker Turkish lira, prices of traders have remained stable since there are shortages experienced in some grades and dimensions.

 Product

Price ($/mt)

Eregli

Gebze

 2-12 mm HRC

550-560

560-570

 1.5 mm HRS

590-600

595-625

 2-12 mm HRC (for large tonnages)

 

540-550

 3-12 mm HR P&O

580-590

620-630

 


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