New import flat steel bookings concluded in Turkey

Although demand in the Turkish flat steel market has remained quiet during the past week, buyers have started concluding new import bookings in line with their needs. Import flat steel suppliers have offered discounts of $10-15/mt in negotiations, concluding some sales at reduced prices. Nevertheless, buyers' firm bids for HRC are lower than the reduced import price levels in Turkey. Accordingly, contrary to previous months, in November more purchases have been concluded for locally produced hot rolled coil (HRC) than for import HRC. However, Turkish buyers have found import cold rolled coil (CRC) offers to be at reasonable levels and so have shown more interest in import CRC offers than in offers for domestic production CRC.
 
Ex-Ukraine HRC offers to Turkey have declined by $15/mt over the past month to $270-280/mt CFR Turkey. However, following the deals concluded this week at $270/mt CFR, Turkish buyers' firm bids to Ukraine are now at $260-265/mt CFR. Meanwhile, ex-Russia HRC prices have decreased by $15/mt in the same period to $275-285/mt CFR, while Turkish buyers' firm bids are currently at $270/mt CFR also after the bookings concluded this week.  
 
On the other hand, Ukrainian CRC offers to Turkey have declined by $15/mt to $330-340/mt CFR, while Russian CRC offers to Turkey have decreased by $10/mt in the same period to $340-360/mt CFR.
 
All prices are for December production.