Demand in the local Turkish hot rolled coil (HRC) market has remained slack over the past week. Turkish buyers have continued to postpone their purchases and price inquiries have slowed down as buyers want to enter next year with the lowest possible inventories amid the negative economic outlook in Turkey. During price inquiries, buyers have continued to put pressure on prices, with Turkish producers reducing their HRC prices by $5/mt to $525-545/mt ex-works. Market sources expect further declines in Turkish HRC prices in the short term amid ongoing declines in Chinese HRC export prices and strong expectations that prices will be negatively affected by the competition between CIS-based and Chinese suppliers in the Far Eastern markets.
Meanwhile, demand in the local Turkish HRC spot market has remained weak, with prices moving sideways in the past week. Domestic sales prices of traders for local HRC in Turkey’s Eregli and Gebze regions are at the following levels:
Product |
Price ($/mt) |
|
Eregli |
Gebze |
|
2-12 mm HRC |
545-555 |
555-565 |
1.5 mm HRS |
585-595 |
600-620 |
2-12 mm HRC (for large tonnages) |
|
535-545 |
3-12 mm HR P&O |
575-585 |
615-625 |