Traders delay purchases in local Turkish HRC market

Activity has remained quiet in the local Turkish hot rolled coil (HRC) market and traders have kept their prices unchanged as compared to last week, while they have been unwilling to make purchases as they are waiting for further declines in flat steel prices.
 
Previously, Turkish steel producers had resisted decreasing their HRC offers and, on the contrary, had increased them by $5/mt on the upper end two weeks ago despite slack demand. However, since the beginning of this week, local producers have reduced their offers by $15/mt to $500-510/mt ex-works. Market players state that the fluctuating trend of prices has created an unclear outlook for the local Turkish HRC market and this has caused buyers to postpone their purchases. It is also reported that Turkish buyers are unwilling to conclude deals with local producers following an ex-Ukraine HRC deal in Turkey at $425/mt CFR, which was significantly lower than domestic offers. Inventories are at decent levels in the local Turkish HRC market, while activity is expected to remain quiet until mid-February.
 
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:

The above prices are ex-warehouse and for advance payments, exclusive of 18 percent VAT.