Demand for import flat steel in the Turkish market has remained at low levels during the past week. It is observed that Turkish buyers are unwilling to conclude new import flat steel purchases as they prefer to stand back and monitor the global flat steel market for now. Additionally, they have stepped up their pressure on import flat steel quotations since Turkish mills reduced their flat steel offers in the middle of the current week.
Market sources state that Turkish buyers strongly believe that flat steel prices will fall despite higher scrap quotations, and so buyers are expected to stay away from new import steel deals ahead of the local elections in Turkey to be held on March 31, except to meet their immediate needs.
During the past week, ex-CIS hot rolled coil (HRC) and cold rolled coil (CRC) offers to Turkey have moved sideways at $525-545/mt CFR and $575-600/mt CFR, respectively.