Local spot flats prices in Turkey have dropped sharply over the past week, directly following the tremendous decline seen in producers’ flats prices in the domestic market. The sharp fall in import scrap deal levels has also contributed to this development. As a result, stockists in Turkey have been decreasing their retail flats prices, aiming to get rid of the excessive stocks in the falling market. Ex-warehouse sales are slower these days, but still continue, sources explain. Moreover, the traders are not in a rush to replenish the stocks with new, lower-priced ex-mill materials, thinking that the downtrend in the producers’ segment will continue.
By the end of the current week, the workable domestic hot-rolled sheets (HRS) prices have settled at $980-1,060/mt ex-warehouse, down by $70-80/mt since last Friday. Some sellers are reportedly offering $10-20/mt higher levels, but will most probably be forced to follow the rest of the suppliers in pricing. “There are many reasons why the prices are in this situation right now. The main one is the decrease in HRC prices, the second one is very low demand, and the third is that small traders are confusing the market by placing offers even lower than the general offers in the market,” a source told SteelOrbis.
Over the week, the local hot-rolled coil prices in Turkey decreased by $50-100/mt to $1,000/mt ex-works in official offers, though $950/mt ex-works levels are also considered workable.
Product |
Price, $/mt |
2-6 mm HRS |
980-1,060 |
1.5 mm HRS |
1,010-1,100 |
2-6 mm HR P&O |
1,020-1,110 |
