Over the past week, demand in the local Turkish hot rolled coil (HRC) market has remained weak as buyers continued to postpone their bookings due to the approach of Ramadan, the snap election to be held in Turkey and the ongoing declines in global flat steel prices. Market sources state that the depreciation of the Turkish lira against the US dollar and the euro has also negatively impacted the domestic HRC market in terms of causing demand to decrease further. Amid current market conditions, Turkish producers have decreased their prices by $30/mt week on week to $590-605/mt ex-works.
Meanwhile, spot prices in Turkey have decreased by $20/mt in the last seven days, while demand in the spot market is still slack. The domestic sales prices of traders for local hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
620-630 |
630-640 |
|
1.5 mm HRS |
660-670 |
675-695 |
|
2-12 mm HRC (for large tonnages) |
|
610-620 |
|
3-12 mm HR P&O |
660-670 |
700-710 |