The anticipated fall occurred this week in the Turkish flat steel spot market as a consequence of persistent pressure from domestic demand and the uncertainty in the hot rolled coil (HRC) market. Although there has been some optimism in the scrap market, the majority of flat steel spot traders have indicated that the current scenario is not improving and is unlikely to improve soon as the Feast of Sacrifice holiday in Turkey approaches.
Due to the lack of demand and other negative impacts, workable domestic hot rolled sheet prices have fallen week on week to roughly $640-660/mt ex-warehouse, down from $650-670/mt ex-warehouse.
“Sadly, the flat steel spot market lacks a reasonable price due to the extremely poor circumstances and limited demand, which forces many traders to sell their products at a loss,” a trader told SteelOrbis
Similar patterns have been observed in the cold rolled sheet market, where prices have fallen from $780-800/mt ex-warehouse week on week to $770-795/mt ex-warehouse. However, a few suppliers are still trying to offer higher than the acceptable levels, at $800-810/mt ex-warehouse, which is not workable in the current market situation.
