Bids for import HRC in the new round of bookings in Turkey have decreased by at least $15-20/mt, reflecting the generally negative market sentiment amid low demand and the sharp fall in scrap prices. In the meantime, not all sellers are voicing firm offers, preferring to evaluate the market expectations.
Bids for ex-Russia October production HRC are at $440-455/mt CFR depending on the supplier. MMK initially targets $460-465/mt CFR, while NLMK is taking its time to make a move. Offers from Ukraine are reported by buyers at around $450/mt CFR, but bids are estimated at $430/mt CFR tops.
Asia is also present in the market with offers from India having lost $5-10/mt over the week to $460-465/mt CFR for October shipments. Ex-Japan HRC for the same shipment term is priced at $470-475/mt CFR. The price of $450-460/mt CFR may be acceptable but it is risky to buy something these days.
Turkey’s HRC offers for the domestic and export markets are somewhat blurry this week, given the insufficient demand and low bids. Buyers from the EU are bidding $430-450/mt FOB, while the Turkish mills are mostly not ready to go below $465-475/mt FOB. In the Turkish domestic market, offers are reported at $475-480/mt ex-works, while higher levels are also voiced, SteelOrbis has learned.