Over the past week, Turkish HRC prices have not changed much in either the domestic or export markets, indicating relative stability for several weeks in a row. Locally, mills are able to maintain rather active sales to regular buyers ready for slight discounts in negotiations, while as regards exports the mills are mainly concentrating on the EU market, trying to manage CBAM-related uncertainties.
In addition, Turkey has continued receiving import HRC offers from several regular sources, with Chinese and Russian HRC still considered the most attractive.
Import offers for HRC from China have settled this week at $480/mt CFR for non-VAT offers for Q195 3 mm and up material for end-of-November shipments, while regular offers are at $485-490/mt CFR for December shipments. Sources expect some deals to be closed shortly, maybe at a slight discount as some buyers are in the market seeking negotiations.
The indications from Taiwan have remained at $515/mt CFR, while Japan is offering at $525-530/mt CFR, both for December shipment.
Russian offers are mainly voiced at $490/mt CFR this week, down $5-10/mt from mid-month and, according to some buyers, medium-size lots have already been sold at $480-485/mt CFR. The supplier is in the market to sell for December shipment.
Neither of the duty-free origins - Egypt and Malaysia - are in the market with firm offers. Egypt is concentrating on domestic sales, where prices are at around $600-605/mt ex-works, while Malaysia is offering for January shipments, which is a little early for Turkey to purchase. The estimated indications from Malaysia are at $540-545/mt CFR, according to buyers.
In the domestic market, Turkish offers are at $535-545/mt ex-works and CFR Marmara and, according to sources, there have been decent sales of medium-sized volumes mainly at $535-540/mt ex-works and maybe slightly lower than that. The mills are in the market to sell for December shipments.
Export offers for December shipment HRC from Turkey are at $535-545/mt FOB base with all eyes this week on the EU market, where the offerings from various sources have been characterized by confusion due to the uncertainties resulting from CBAM. “It seems BF material is still favored in the EU, but the supposed CBAM fees included vary at €30-70/mt depending on the offers, creating a mess in the market,” a source told SteelOrbis. According to sources, Turkey is offering at €510-520/mt CFR base excluding duties and CBAM fees, while some interest has been seen in the Antwerp area, but for the material with high extras.