Over the past week, demand in the local Turkish hot rolled coil (HRC) market has slowed down, while prices have continued their upward trend. Meanwhile, buyers have preferred to monitor the trend of flat steel prices in the global market as they are now more comfortable given the increase in their inventories following the bookings they made in previous weeks. Currently satisfied with their order books, Turkish HRC producers have increased their prices by $20/mt week on week to $540-560/mt ex-works. Although their new prices levels are considered to be on the high side, market players think that Turkish producers will resist the downward pressure from buyers since prices of iron ore and scrap in the global market have increased almost by 18 percent and 17 percent, respectively, during the past month. Considering the 13 percent increase in domestic HRC prices in Turkey during the past month amid the rises in raw material prices, Turkish mills are expected to make further slight increases to their prices in the coming days.
As for the spot market, demand is also weak, though traders’ prices have increased by $20/mt in line with the rises in producers’ prices.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
560-570 |
570-580 |
|
1.5 mm HRS |
600-610 |
615-635 |
|
2-12 mm HRC (for large tonnages) |
|
550-560 |
|
3-12 mm HR P&O |
590-600 |
630-640 |