Turkish demand for flat steel imports has remained at low levels over the past week. Turkish buyers have received flat steel offers from alternative sources such as South Korea, Vietnam, Japan and Italy in order to compensate for the tightness of ex-CIS flat steel supply. As a result of these offers, the problem of tighter import flat steel suppy to Turkey has been resolved. Market sources do not expect demand to recover in the short term due to the slow summer season but they report that import flat steel prices for Turkey are again facing downward pressure in the light of higher supply volumes.
Under the current circumstances, foreign suppliers’ hot rolled coil (HRC) and cold rolled coil (CRC) prices are now at $500-520/mt CFR and $565-590/mt CFR Turkey, respectively. Meanwhile, ex-CIS HRC offers to Turkey have increased by $15/mt on the lower end week on week to $515-520/mt CFR.