Purchases in the local Turkish cold rolled coil (CRC) market have continued to be postponed over the past week due to the approaching new year and the downtrend of global flat steel prices, causing demand to remain at low levels. The downward pressure exerted on domestic CRC quotations in Turkey has resulted in a price correction. Market sources expect no revival in domestic CRC demand in the short term, stating that demand has been weakening because of the approach of the new year and the negative outlook for Turkey’s economy. Meanwhile, Turkish producers’ domestic CRC prices have declined by $10/mt week on week to $600-620/mt ex-works, excluding 18 percent VAT.
In the spot market, prices of domestic CRC sold by local traders have also moved down by $10/mt week on week and are at the following levels:
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
0.6 mm CRC |
640-650 |
650-670 |
|
0.7-2 mm CRC |
610-630 |
620-640 |
The offers are on ex-warehouse basis, for December delivery, and exclude 18 percent VAT.