Sluggishness prevails in Turkish domestic flats market

Consecutive price cuts in the Turkish domestic flat steel market have been insufficient to cause a rebound in demand. In the meantime, supply shortages for hot rolled pickled and oiled (HR P&O) have continued - with prices remaining unchanged for these products, while it is believed that prices for hot dip galvanized (HDG) coils have reached the bottom and are unlikely to decrease further. Due to the depressed market conditions, market players are restricting their purchases in line with their needs as they try to avoid taking risks. However, this prevents any improvement in demand and sluggishness still continues to prevail in the market.
 
As of today, June 4, hot rolled coil (HRC) prices in the Turkish domestic spot market are standing at $640-650/mt, cold rolled coil (CRC) prices are at $755-770/mt, while HR P&O prices are standing at the range of $690-700/mt and HDG coils are at $760-780/mt, all ex-warehouse, exclusive of 18 percent VAT.