Over the past week, demand in the local Turkish hot rolled coil (HRC) market has almost come to a halt due to the municipal election in Istanbul held on Sunday, June 23, while producers’ prices have declined by $15/mt week on week to $505-520/mt ex-works as a result of the pressure exerted by buyers. Besides the usual stagnation of activity during the summer season, the ongoing negative economic situation and political tensions in Turkey have caused buyers to maintain a cautious stance towards new bookings for a long time now. As of today, June 24, buyers have started to make price inquiries as the Turkish lira has started the week by gaining strength against the US dollar and political tensions have eased following the completion of the election. Market sources state that demand in the local Turkish HRC market is likely to remain slack in the short term due to the economic problems in the country, though the downward pressure on prices has eased after the recent price declines.
As for the spot market, demand has also remained slack, while traders’ prices have declined by $10/mt week on week.
|
Product |
Price ($/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 |