This week, despite relatively stable hot rolled coil (HRC) pricing and slightly improved scrap price movements, a downward trend has persisted in the Turkish flat steel spot market, as business activity has remained weak and is expected to worsen with the approaching Eid holiday. As a result of the gloomy expectations, even as the majority of medium and bigger-sized traders try to maintain their offers as reasonable as possible, a few smaller traders have quoted their sheet prices closer to the mills’ official coil offers in order to stimulate trade.
According to reports, workable domestic hot rolled sheet (HRS) prices have decreased week on week by $10/mt to $640-650/mt ex-warehouse. Bigger traders continue to keep their offers at $640/mt ex-warehouse, while smaller and medium-sized traders are offering at about $650/mt ex-warehouse.
“Unfortunately, demand is very low. We sold tonnages to a few customers this week, so we did not reduce the price. However, we have heard that certain traders are making highly intriguing cheaper deals in the market, with some selling at roughly $620-630/mt ex-warehouse,” a bigger trader stated to SteelOrbis.
Currently, Turkey’s official HRC prices in the domestic market are at $600-620/mt ex-works and $10/mt discounts are applicable.
Likewise, in the cold rolled sheet (CRS) market, the majority of traders have decided to drop their offers from last week by $15/mt to $770-780/mt ex-warehouse. However, as previously noted, some traders have begun to offer higher discounts in both sheet segments in order to attract more attention from buyers. According to reports, HRS offers are at $620-630/mt ex-warehouse, with CRS offers at around $750-760/mt ex-warehouse. Turkish domestic mills’ prices for CRC are at $730-745/mt ex-works.
