Turkey closes import deals for HRC, but mood generally cautious

Wednesday, 14 July 2021 17:17:39 (GMT+3)   |   Istanbul
       

The hot rolled coil (HRC) market in Turkey has been rather weak in terms of demand since last week, taking into account buyers’ weak interest, and financial and payment issues persisting in the country. In addition, the holidays are approaching and most sources expect some significant business slowdown during the next week. However, some import deals have been closed due to favourable pricing.

As a result, domestic mills have dropped their local prices by $20-30/mt to around $1,030-1,050/mt ex-works depending on the supplier. Still, buyers' bids, though being rather rare, are around $10-20/mt lower than that, producers say. “Today, no one wants to restock much although the stock levels are generally low. Buyers see the downturn and want to wait so that they do not lose money later,” a trader said. In the export segment, most sources reported levels at $1,060-1,080/mt FOB for October shipments, while $10/mt lower levels are also considered possible.

In the import segment, there has been information regarding around 30,000 mt of HRC having been booked from India. Sources report the trader booked it at around $940/mt CFR, with sales closed to Turkey estimated at $960-965/mt CFR, taking into account the financing costs.

Ex-Russia MMK has freshly traded around 40,000 mt of HRC to Turkey at $945-950/mt CFR, down from official offers at $950/mt CFR. NLMK, according to sources, is aiming to sell its limited allocation at a minimum of $950/mt FOB with freight estimated at a minimum of around $20-25/mt.

Ukraine’s Metinvest has announced $955-965/mt CFR depending on the coil weight this week. The supplier is said to be negotiating actively with buyers, while some say a few deals have already been closed at $950/mt CFR. Over the past week, the mill’s price to Turkey has decreased by $5/mt.


Similar articles

Sentiment in ex-China HRC market worsens, local and export prices soften

16 Aug | Flats and Slab

India HRC exporters nudge up prices, buying remains subdued

16 Aug | Flats and Slab

Formosa cuts HRC prices by $45/mt in Vietnam, but buyers count on discounts

15 Aug | Flats and Slab

Local Indian HRC trade prices soften, pace of fall checked by supply tightening

15 Aug | Flats and Slab

Slab suppliers attempt price rises in Asia, but demand not supportive

15 Aug | Flats and Slab

NBS: Local Chinese rebar prices up 4.7 percent in early August

15 Aug | Steel News

Are US sheet steel prices nearing the bottom?

12 Aug | Flats and Slab

Global View on HRC: Cautious optimism on prices in most regions except Europe, trade yet to increase

12 Aug | Flats and Slab

No official HRC offers from Formosa for October deliveries, customers bearish

12 Aug | Flats and Slab

HRC prices down in EU market amid drops in northern Europe, unclear expectations for Sept

12 Aug | Flats and Slab