Over the past week, buyers in the import flat steel market in Turkey have stepped up their price inquiries due to their expectations that foreign flat steel suppliers will increase their prices as domestic hot rolled coil (HRC) prices in Turkey have switched to an upward trend. Although no new price offers have been given by CIS-based suppliers to Turkish buyers yet, market sources agree that prices in the new offers from the CIS will be higher than their previous price offers. Since no new price offers have yet been given to the Turkish market, most buyers have met their needs from local producers as they believe that import flat steel offers will be higher. Next week, Turkish buyers are not expected to conclude import flat steel deals due to the Chinese New Year holiday, but will likely wait to see Chinese suppliers’ new price offers after they return from their holiday.
Against this backdrop, ex-CIS HRC offers to Turkey have remained unchanged week on week at $465-490/mt CFR, while cold rolled coil (CRC) offers from the CIS region to Turkey have moved sideways in this period at $545-565/mt CFR.