Demand for import flat steel in Turkey has remained at low levels over the past week. It is observed that most buyers have completed their restocking and are unwilling to conclude new purchases ahead of the summer. However, CIS-based suppliers have increased their flat steel offer prices since their sales to the Far East and Middle East have almost been completed, and also due to the ongoing uptrend of global iron ore quotations, the halt of the downtrend of flat steel prices in Europe, and since higher HRC prices have gained acceptance in Turkey. Market sources state that HRC demand in Turkey is expected to decline further due to the end-of-Ramadan holiday.
Under the current circumstance, ex-CIS HRC and CRC prices have moved up by an average of $15/mt and $10/mt week on week to $505-520/mt CFR and $575-600/mt CFR, respectively.