Turkish mills have once again started the new week in a bullish mood in the hot rolled coil (HRC) segment, being more or less sold out for July even for the local market and following the most recent price increase of ArcelorMittal Europe seen last Friday. The market seems to be supportive as some deals at higher levels have already been closed in the domestic and export markets.
In the export market, at the end of last week lots of around 10,000-15,000 mt were booked to Canada and the UK at around $980-985/mt FOB, while this week a 15,000 mt lot has been closed to Spain at $985-990/mt FOB, SteelOrbis has learned. The latest export offers are mainly reported at $990-1,000/mt FOB, while in the middle of last week the $970/mt FOB level was available.
In the local market in Turkey, the week has started with official offers for HRC for August deliveries being announced at $990-1,000/mt ex-works, while last week the pricing started at $950-970/mt ex-works and came up to $980-990/mt ex-works and above only in indicative targets as of Friday. The latest reported deal was heard in the market at $990/mt ex-works to a re-rolling company at the end of last week. Currently, the highest offers heard in the market are at $1,020/mt ex-works base.
In the import segment, mills from Russia prefer to wait for now with one having sold last week at $960-965/mt CFR and another has been evaluating bids which have been reported at $960/mt CFR as “easy ones”. In the meantime, offers from India have been reported at $1,020/mt CFR and from Indonesia - which is a first - at $1,000/mt CFR, both for end of June and July shipments.
