This week, Turkish flat steel spot prices have continued to slide since the market has remained under pressure from the weak hot rolled coil (HRC) segment and unpredictable currency fluctuations. Moreover, the downturn in the import scrap segment, seen in the most recent deals, has also negatively affected flats pricing. However, on the positive side, discounts have triggered some sales and demand has improved somewhat.
“Although there are several reasons that have caused prices to fall. We have dropped prices in the domestic market as far as we can and we are also giving discounts to serious purchasers, so that is why the demand from buyers has begun to surge this week,” a trader told SteelOrbis.
In the domestic spot market, many traders started to claim that demand has begun to return and domestic demand is likely to gradually recover. Currently, the workable domestic hot rolled sheets (HRS) prices have settled at $850-900/mt ex-warehouse, while last week the traders’ offers varied mainly at $900-910/mt ex-warehouse and a few of them were ready to deal at $860-870/mt ex-warehouse.
On the other hand, in the cold rolled sheet (CRS) market, most traders are offering at around $970-1,000/mt ex-warehouse, which was around $1,030-1,050/mt ex-warehouse last week. However, some smaller suppliers are reported to be trying to sell at $1,020-1,030/mt ex-warehouse, which is not workable in the current circumstances.
