Russian steel producers' hot rolled coil (HRC) export offers have continued to decline in the past weeks.
Accordingly, Russian steel producer Magnitogorsk Iron and Steel Works (MMK) is now offering HRC to export markets at $590-600/mt FOB, while another Russian producer Severtsal is offering HRC to export markets at $590/mt FOB St. Petersburg, decreasing by $20/mt as compared to last month - both offers are for December production. In the meantime, Russian producers' HRC offers to Turkey are standing at the price range of $630-640/mt CFR.
On the other hand, Ukrainian HRC offers to Turkey are currently standing at $600-615/mt CFR. However, lower offers are anticipated to be heard in the coming days.
With discounts, the CIS producers' HRC export offers are expected to gain acceptance in the market. And if demand shows improvement in the coming period as expected, it is thought that Turkish flat steel market may witness increased activity.