Over the past week, demand for import flat steel in Turkey has remained at low levels. Import flat steel prices in Turkey have fallen further during the negotiations carried out in the given period. SteelOrbis has been informed that Turkish buyers have adopted a cautious stance towards new scrap purchases due to the summer season and the negative economic outlook. Meanwhile, CIS-based flat steel suppliers have completed their sales for August output, and so Turkish buyers are awaiting their new import flat steel price levels for September output, which are expected to be announced next week. Market sources state that demand for import flat steel in Turkey is not expected to revive in the short term as they foresee that prices will remain under downward pressure.
Before CIS-based suppliers concluded their sales for August output, ex-CIS hot rolled coil (HRC) offers to Turkey were at $485-505/mt CFR, indicating a $15/mt fall week on week, while ex-CIS cold rolled coil (CRC) offers to Turkey were at $565-590/mt CFR, indicating $10/mt fall week on week.