Local Turkish hot rolled coil (HRC) prices have risen due to the favourable scrap market movements and firmer import offers, which have had a direct influence on the retail flats sector. Some large traders have decided to increase their ex-warehouse prices, while others, however, doubt market demand and the economic environment will be positive enough to support a solid market uptrend.
“The scrap price increase did not result in any activity on the demand side [for flats] unfortunately. We hope to return to better days as soon as possible. However, this negative bias will continue until the election if the policy of banks is not relaxed. If it is, the market will gain movement and the role of banks is important in this. I believe the present recession is the result of both the government and the banks failing to support traders,” a trader told SteelOrbis.
Currently, the workable domestic pricing for hot rolled sheets is at $700-710/mt ex-warehouse, up from $670-680/mt ex-warehouse last Friday. Nonetheless, a few traders are attempting to sell at up to $730-750/mt ex-warehouse, which is unrealistic given the current market circumstances.
Similarly, domestic cold rolled sheet prices have gone up by $30/mt to $790-800/mt ex-warehouse.
