Turkish flat steel export prices still under pressure

According to market sources, even though prices of hot rolled coil (HRC) in the global market have moved on a sideways trend since last week, demand is still on the weak side. Accordingly, demand for Turkish HRC in the export markets is also slack. Ex-Turkey flat steel prices have failed to gain acceptance from foreign buyers in target markets, while buyers continue to exert pressure on prices, especially given the 15 percent decrease observed in iron ore prices since the beginning of the October. Turkish exporters’ hot rolled coil (HRC) prices have remained unchanged over the past week at $310-320/mt FOB for December production, while Turkish cold rolled coil (CRC) export offers have also remained stable in the same period at $410-420/mt FOB for December production.