During the past week, demand in the local Turkish cold rolled coil (CRC) market has remained slack as buyers continued to postpone their bookings due to Ramadan, the snap election to be held in Turkey and the ongoing declines in global flat steel prices. Market sources state that the depreciation of the Turkish lira against the US dollar and the euro has also negatively impacted the domestic CRC market in terms of causing demand to decrease further. Amid current market conditions, Turkish producers have maintained their prices at $670-690/mt ex-works. Market sources state that Turkish buyers will likely adopt a cautious stance towards new bookings until after the snap election and that no recovery is expected in terms of demand.
In the spot market, prices of domestic CRC sold by local traders have remained unchanged week on week.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
750-760 |
760-780 |
|
0.7-2 mm CRC |
720-730 |
730-750 |
The offers are on ex-warehouse basis, for May delivery, and exclude 18 percent VAT.