The upward trend of prices and the improvement in demand seen in the local Turkish hot rolled coil (HRC) market since the Feast of Sacrifice holiday (Sept. 12-15) have come to an end this week. Amid Moody's decision to downgrade Turkey's credit ratings and due to the reports recommending an extension of the ongoing state of emergency in the country and given the ongoing political and economic uncertainties in Turkey since the coup attempt on July 15, buyers have postponed their HRC purchases, only buying in line with their needs. Under these circumstances, Turkish HRC producers have reduced their prices by $10/mt this week to $420-430/mt ex-works.
Meanwhile, buyers in the Turkish domestic HRC spot market have maintained a wait-and-see stance amid the ongoing economic uncertainties and due to the weak demand conditions. In line with the declines recorded in Turkish HRC producers' prices, traders have also reduced their HRC quotations by $10/mt week on week, while HR P&O prices from traders have remained stable during the past week.
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
Product | Price ($/mt) |
|
| Eregli | Gebze |
2-12 mm HRC | 440-450 | 440-460 |
1.5 mm HRS | 480-490 | 485-505 |
2-12 mm HRC (for large tonnages) | 420-430 | |
3-12 mm HR P&O | 490-500 | 500-530 |