Over the past week, Turkish producers’ hot rolled coil (HRC) prices in their domestic market have declined by $10/mt to $640-670/mt ex-works, while demand has remained weak. Due to the sharp depreciation of the Turkish lira against the US dollar and the ongoing declines in global flat steel prices in the given period, Turkish buyers have preferred to postpone their bookings. As the Turkish government yesterday, April 18, announced its decision to hold an early election, Turkish buyers have resumed their price inquiries for domestic HRC. Although market sources state that producers are reducing their offers to $625-630/mt ex-works for large-volume bookings, producers have not confirmed this information yet. It seems that the announcement of the early election is preventing the Turkish lira from recording any further sharp depreciation against the US dollar for now. However, buyers are avoiding large-volume bookings before the election, choosing to conclude deals only to meet their immediate needs.
Meanwhile, spot prices in Turkey have also continued their downward movement amid weak demand, with local traders' HRC prices decreasing by $20/mt and their HR P&O prices declining by $30/mt in the given period.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
650-660 |
660-670 |
|
1.5 mm HRS |
690-700 |
705-725 |
|
2-12 mm HRC (for large tonnages) |
|
640-650 |
|
3-12 mm HR P&O |
690-700 |
730-740 |