Hot rolled coil producers in Turkey have been aiming at even higher prices this week, not being under pressure to sell and supported by rather high scrap and steel slab prices seen globally. Buyers, however, do not yet seem to be ready to accept such levels and bids are low, for exports specifically.
Currently, domestic HRC offers in Turkey are in the range of $450-460/mt ex-works base for August-September deliveries. As reported earlier, most re-rollers and some pipe-makers have restocked with local origin HRC at $420-430/mt ex-works within the past two weeks. Today, most buyers do not have an urgent need to make new purchases, but consider the latest prices to be too high. “No one is under pressure today, but for how long? There are no exports of HRC and these higher local offers might be a move to make buyers accept $440/mt ex-works levels,” a source told SteelOrbis.
As regards exports, Turkey has increased its indications by $10/mt over the past week to $440-455/mt FOB depending on the mill. Bids from the EU are reported at $420-425/mt FOB base, while similar levels are considered acceptable in Egypt. Some talks have been heard in Asia, but bids are extremely low, down to $400/mt FOB, SteelOrbis has learned. Turkey is in the market to sell for end of August-September shipments to foreign customers.
