The last week of February has started with a bullish mood seen among Turkish hot rolled coil (HRC) producers. Being to a large extent sold out for May and taking into account the higher import scrap prices in the latest deal, HRC sellers in Turkey have started to attempt another price rise for their products.
According to sources, one Turkish mill has announced $770-780/mt ex-works for June deliveries, being partly sold out for May as there is limited allocation due to scheduled maintenance works. Another Turkish mill has voiced $780-790/mt ex-works for end-of-May and June deliveries, SteelOrbis has learned. However, some sources have said that below $770/mt ex-works is still achievable for specific orders. Early last week, the level of $750-760/mt ex-works was valid in the local market in Turkey, as reported previously. In the export segment, ex-Turkey HRC offers have increased by $10/mt over the past week to $760-770/mt FOB.
Import offers from the CIS are yet to gain clarity, partly due to the holiday in Russia. However, NLMK’s fresh indications have been heard at $745-750/mt CFR. MMK’s latest offers were at $740/mt CFR but, since a good amount of orders has reportedly been received at this level, the supplier is expected to increase its price by $5-10/mt. Similar moves are expected from Ukraine’s Metinvest, which was in the market at the end of last week at $730/mt CFR Turkey for small coils.