The week has started with another slight price increase in the Turkish hot rolled coil market despite buyers continuing to refrain from new purchases. According to sources, most mills’ offers have moved from $450-460/mt ex-works to $460-465/mt ex-works today, June 22, specifically for service centers and re-rollers. Some buyers have received levels of up to $470/mt ex-works, SteelOrbis has learned. However, some players report $450-455/mt ex-works may be still achievable in the local Turkish market, although not over a long period. The HRC is available for August-September deliveries.
Despite bullish sentiment, some mills admit there is no serious demand at the targeted levels, partly as buyers, who mainly restocked earlier, are skeptical regarding the higher HRC prices. “Today it is a bit risky to aim at such high levels while exports from Turkey are largely inactive,” one trader believes. Export offers have remained stable for now at $440-450/mt FOB. Some market players expect Turkey to retaliate against the EU’s protective measures shortly, which could impact the balance of sales and purchases.
