Some Turkish re-rolling companies have decided to start the new week by reducing their previous domestic offers, aiming to spur trading activity. Local demand has remained moderate, but the ongoing financial and currency-related issues in the country make traders cautious. In addition, end-user industrial demand has been at reduced levels for a while now. Another reason for the negative sentiment is the unclear situation in the hot rolled coil (HRC) segment. Feedstock prices have been falling for a while amid aggressive Chinese offers and low demand. However, there is an expectation for a further improvement in import scrap prices, which, if sustainable, may help stabilize prices for finished steel in Turkey.
Currently, Turkey’s cold rolled coil (CRC) prices are at $800-840/mt ex-works, down $10/mt over the past week. Local offers for hot dip galvanized (HDG) coils have dropped by $20/mt to $890-940/mt ex-works for 0.5 mm Z100. Still, some re-rollers’ official offers are $20-30/mt higher, but they are willing to negotiate in the case of serious orders. In the pre-painted galvanized iron (PPGI) market, base material offers are at $1,010-1,060/mt ex-works, down from $1,050-1,100/mt ex-works seen a week ago.
In the tinplate segment, suppliers have also been ready to provide certain discounts in order to boost demand. Particularly, current prices are at $1,150-1,200/mt ex-works base, but levels $20-30/mt lower are also considered to be achievable in the case of serious orders.