Over the past week, demand in the local Turkish hot dip galvanized (HDG) coil market has remained weak as buyers have continued to postpone their bookings due to the approach of Ramadan, the snap election to be held in Turkey, the depreciation of the Turkish lira against the US dollar and euro, and the ongoing anticipation that global flat steel prices will continue to decline. Meanwhile, Turkish producers’ HDG prices have decreased by $10/mt week on week. As the Turkish lira has depreciated by 11 percent against the US dollar and by ten percent against the euro during the past week, market sources state that Turkish buyers will continue to postpone their bookings and that demand is likely to remain slack in the coming period.
Accordingly, domestic producers’ HDG prices in the local Turkish market, excluding 18 percent VAT, are at the following levels:
|
Product |
Price ($/mt) |
Weekly change ($/mt) |
|
HDG 0.50 mm 100gr/m² |
760-780 |
↓10 |
|
HDG 1 mm 100gr/m² |
700-745 |
↓10 |
|
HDG 2 mm 100gr/m² |
655-670 |
↓10 |
Meanwhile, Turkish mills’ HDG export quotations have also declined by $10/mt week on week, to $765-775/mt FOB.