Turkish buyers exert pressure on import flat steel prices

Thursday, 20 June 2019 14:37:58 (GMT+3)   |   Istanbul

Over the past week, demand for import flat steel in Turkey has remained slack. As a result of the downward price pressure from Turkish buyers, import hot rolled coil (HRC) offers to the country have decreased slightly. However, Turkish buyers consider this price decrease to be insufficient and so they are still exerting pressure on prices. According to market sources, demand for import flat steel in Turkey is not expected to recovery in the short term due to stagnant activity in the summer season and since the negative economic situation in Turkey has worsened after Moody’s downgraded the ratings of 18 Turkish banks on June 19.

In the past week, ex-CIS HRC offers to Turkey have declined by $5/mt to $500-520/mt CFR, while ex-CIS CRC offers to Turkey are still at $575-600/mt CFR.

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