Last week, inquiries in the local Turkish cold rolled coil (CRC) market increased slightly, though buyers limited their bookings and concluded deals only to meet immediate needs due to the three-month extension of the state of emergency in the country. Against the backdrop of the beginning of the meetings regarding Turkey’s transition to a presidential system and due to the ongoing depreciation of the Turkish lira against the US dollar, buyers in the local Turkish CRC market have continued to maintain their cautious stance towards purchases and have reduced their inquiries this week.
Due to the above unfavorable market conditions, Turkish steel producers had been expected to decrease their CRC prices for their domestic market. However, domestic hot rolled coil (HRC) prices have remained stable week on week despite weak demand, supported by the increases in prices of scrap, iron ore and coils in the global markets. Accordingly, Turkish CRC producers have also maintained their CRC prices for the domestic market unchanged, at levels of $520-560/mt ex-works.
Currently, traders’ CRC prices in the local Turkish spot market are as follows:
| Product | Price ($/mt) | |
| Eregli | Gebze | |
| 0.6 mm CRC | 580-590 | 590-610 |
| 0.7-2 mm CRC | 550-560 | 560-580 |
The offers are on ex-warehouse basis, for October delivery, and exclude 18 percent VAT.