According to market sources, demand received by domestic traders in the local Turkish hot rolled coil (HRC) spot market is still weak, while prices have declined further by $10/mt during the past week amid weak demand conditions, cash flow problems and reductions made by traders to reduce their stocks and increase their sales. HRC prices in the Turkish spot market have declined by 24 percent since the beginning of the current year.
On the other hand, local demand for Turkish producers' HRC products is still weak amid political uncertainties ahead of the general election on June 7. Turkish producers are still resisting the downward pressure on their prices exerted by buyers, while Turkish producers' HRC prices for their local market have remained in the range of $430-445/mt ex-works over the past week, for July and August production. Meanwhile, import HRC offers to Turkey have also remained unchanged in the same period.
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
Product |
Price ($/mt) |
|
Eregli |
Gebze |
|
2-12 mm HRC |
450-460 |
455-465 |
1.5 mm HRS |
480-490 |
485-495 |
2-12 mm HRC (for large volume sales) |
440-450 |
|
3-12 mm HR P&O |
500-510 |
515-520 |
The above prices are ex-warehouse and for advance payments, exclusive of 18 percent VAT.