Over the past week, demand in the local Turkish cold rolled coil (CRC) market has remained at low levels, while buyers have continued to postpone their bookings ahead of the local elections to be held on March 31. Domestic CRC prices in Turkey have moved downwards due to the weakness of demand, downward pricing pressure from buyers and the decreases recorded in hot rolled coil (HRC) prices. Turkish CRC producers have decreased their offers by $30/mt week on week to $620-640/mt ex-works. According to market sources, no recovery is expected in terms of demand in the local Turkish CRC market until the election is over, and buyers will likely continue to put pressure on prices due to their expectation that prices have not reached bottom yet.
In the spot market, prices of domestic CRC sold by local traders have decreased by $10/mt week on week and are at the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
680-690 |
690-710 |
|
0.7-2 mm CRC |
650-670 |
660-680 |
The offers are on ex-warehouse basis, for March delivery, and exclude 18 percent VAT.