Business activity for cold rolled coil (CRC) in Turkey has been extremely low in the past couple of weeks, which has naturally pushed local prices downwards. Sellers are struggling to get buyers to restock and report that some relief may be seen after some long-term contracts are concluded.
As compared to early August, domestic CRC prices in Turkey have decreased by around $30/mt to $1,220-1,270/mt ex-works, referred to as the workable level. Still, some re-rollers have official offers at $1,300/mt ex-works. “The demand for cold rolled is dead now, and so some re-rollers find it useless to put any price in the market,” a source told SteelOrbis. Another source mentioned that negotiations with the customers who buy under long-term contracts are about to start. In addition, in September European buyers may be back in the market and revived exports could support Turkish mills.
In the import segment, offers from Russia’s MMK are at $1,080-1,090/mt CFR for October shipments. Offers for CRC from Asia have been heard at $1,130/mt CFR.