Turkey’s HRC market has started the new week in a relatively positive mood with local mills standing at the same increased price levels as targeted from the end of last week. Some import offers have also been raised due to higher prices in Turkey, and also since some foreign suppliers are starting to offer for the new round of sales.
Most HRC offers in the domestic market in Turkey are now ranging at $550-570/mt ex-works depending on the supplier and the lead time, while levels of around $545-555/mt ex-works are considered workable. Export offers are at $540-550/mt FOB on the back of the higher EU market, despite much CBAM-related uncertainty seen there.
Chinese HRC suppliers have increased their offers to Turkey by $5/mt since late last week to $485-495/mt CFR for re-rolling grades and for end-of-January shipments. Offers for pipe-making breakdowns have been set at $520-525/mt CFR, while ex-China green steel material has been offered at $545/mt CFR for 20,000 mt lots, SteelOrbis has learned.
According to sources, there are indications for duty-free origins for end-of-January shipments. Egypt is in the market with a $560/mt CFR offer, up from $547/mt CFR in sales to Turkey closed in early November. Some re-rollers in Turkey, however, claim they are able to get $555/mt CFR and lower from the mill. Malaysia has been offering at around $545/mt CFR, with no deals reported.
Russian mills are about to start testing the market with HRC offers for February shipments. The non-sanctioned producer is expected to announce an increase of around $5-10/mt from the previous round of sales to $490-500/mt CFR. The sanctioned producer is foreseen to offer at $475-480/mt CFR Turkey in the new round of sales, also up by around $10/mt.
