Sluggish demand for import flat steel in Turkey

Turkish flat steel buyers are maintaining a wait-and-see stance and have significantly reduced their domestic and import flat steel purchases due to the approaching referendum to be held on Sunday, April 16. As a result, demand for import flat steel in Turkey has been at very low levels in the current week.
 
Meanwhile, import flat steel prices in Turkey have declined by $10/mt during the past week amid the downward trend of global hot rolled coil (HRC) prices. Ukrainian and Russian HRC offers to Turkey are now at $485/mt CFR and $490-500/mt CFR, while Ukrainian and Russian cold rolled coil (CRC) offers to the country are at $555-560/mt CFR and $560-570/mt CFR, respectively.