Turkey-based re-rollers are still suffering from extremely low demand, which has caused them to further decrease offers for coated and cold-rolled steel. The domestic buyers, although they have limited stocks nowadays, are cautious in new purchases thinking that additional discounts may be on the table and also due to low demand from the end-user side. In the meantime, export activity has weakened since the EU is on vacation, and so negotiations have been minimal. A few sales have been reported to alternative markets, but mills could not improve their prices.
The domestic HDG offers in Turkey are at $800-820/mt ex-works base, $10/mt down from the upper end of the range over the past week. However, a lot of buyers are confident they can receive additional $10-20/mt discounts. As regards exports, according to traders, Turkey’s HDG is on offer at $800-810/mt FOB base for August-September shipments, while $780-790/mt FOB levels are considered achievable. According to sources, some small and medium-sized lots have been recently sold to Lebanon, Egypt, the UK and the US.
Turkey’s PPGI local prices are at $880-930/mt ex-works from most of the suppliers, $20-40/mt down over the week. Some of the re-rollers are still at $940/mt ex-works base levels, but the buyers do not consider this level to be a workable one.
In the tin plate segment, the prices are at $1,500/mt ex-works base maximum, although in late July indications at up to $1,600/mt ex-works were heard in the market. Moreover, the workable domestic levels have been reported at $1,470-1,480/mt ex-works levels, while export offers are at $1,350-1,400/mt FOB levels. The Turkish suppliers are in the market to offer for September and October shipments and report that current demand is at the lowest levels they have seen in years.
The situation in the CRC segment is also not bright and the local prices have decreased by at least $20/mt. Most offers are at $760-800/mt ex-works, although $10-20/mt additional discounts might be granted. In the export destinations, according to sources, even prices of $720-745/mt FOB might be available from some re-rollers.
