During the past week, demand in the local Turkish pre-painted galvanized iron (PPGI) market has remained slack, while prices have declined by $10-15/mt due to weak demand. Although their inventories are at low levels, buyers are avoiding building up their stocks due to the cautious sentiment in the market resulting from the negative economic situation in the country and the production halts which have started to be observed in key industries, such as automotive.
Turkish producers' domestic PPGI prices have started to range at $955-985/mt for RAL 9002 0.3 mm 100 gr/m² zinc-coated PPGI, at $795-815/mt for RAL 9002 0.5 mm PPGI and at $690-730/mt for RAL 9002 1 mm PPGI. All the offers in question are on ex-works basis and exclude 18 percent VAT.
In the given period, inquiries for Turkish PPGI in target markets have continued, though buyers have exerted pressure on prices. Turkish coated steel producers, having decreased their domestic market prices, have also reduced their quotations for actual buyers in the export markets. As a result, Turkish PPGI offers to the export markets have decreased by $15/mt week on week to $795-805/mt FOB.