The uptrend in the import scrap market and a consequent rise in local and import hot rolled coil (HRC) offers in Turkey have resulted in better business activity for coated and cold rolled steel. Many buyers have decided to restock in the strengthening market, and so prices from some producers have also increased as they managed to decrease their allocations.
Particularly, the prices for cold rolled coil (CRC) in Turkey have increased from $720-760/mt ex-works to $750-780/mt ex-works. “Low level offers are no longer available in the market and most mills are trying to pull up prices since they are more relaxed now and are selling for January,” a source said. In the import segment, according to some sources, one of the Turkish re-rollers has lately booked 20,000 mt of CRC from India at $660/mt CFR.
In the coated steel segment, the re-rollers take action depending on their stock levels, available delivery terms, and sales. Lowest offers are coming from a few at $820-830/mt ex-works. “These levels were there before, but this week they became workable,” a re-roller told SteelOrbis. Some other producers have been trading up to 5,000-10,000 mt of HDG at $840/mt ex-works base, while some have offered up to $850-860/mt ex-works.
As for the PPGI, domestic base offers have increased by $20/mt over the past week, back to $950-1,000/mt ex-works. “Certainly HRC and scrap are on the rise, but there is demand also. It may be short-lived, but at least now there are sales,” a source told SteeOrbis.