Over the past week, demand in the local Turkish cold rolled coil (CRC) market has remained slack, while Turkish producers’ domestic CRC prices have remained stable week on week at $600-620/mt ex-works, excluding 18 percent VAT. Although some deals have been heard below $600/mt ex-works, SteelOrbis has not received official confirmation of these deals.
According to market sources, Turkish buyers are still postponing their bookings and are exerting pressure on prices due to the negative economic situation in the country and also since they want to enter the new year with the lowest possible inventory levels. However, since flat steel prices in the global market have switched to a sideways trend and given expectations that demand is un likely to recover ahead of the new year, Turkish CRC producers are unwilling to reduce their prices. As a result, no significant change is expected for domestic CRC prices in Turkey and demand is likely to remain weak in the short term.
In the spot market, prices of domestic CRC sold by local traders have remained stable week on week and are at the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
640-650 |
650-670 |
|
0.7-2 mm CRC |
610-630 |
620-640 |
The offers are on ex-warehouse basis, for December delivery, and exclude 18 percent VAT.