Over the past week, demand in the local Turkish cold rolled coil (CRC) market has remained slack, while buyers have continued to postpone their bookings ahead of the local elections to be held on March 31 and are still exerting pressure on prices. Amid weak demand and the pressure exerted by buyers on prices, Turkish CRC producers’ prices have decreased by $20/mt week on week to $600-620/mt ex-works. Despite the downward movement of prices, no recovery of demand is expected before the election is over and buyers are adopting a wait-and-see stance in order to gain a clearer outlook in terms of demand from end-users after the election, according to market sources.
In the spot market, prices of domestic CRC sold by local traders have decreased by $30/mt week on week and are at the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
650-660 |
660-680 |
|
0.7-2 mm CRC |
620-640 |
630-650 |
The offers are on ex-warehouse basis, for March delivery, and exclude 18 percent VAT.