In the Turkish domestic flat steel market, demand was expected to recover after the Feast of Sacrifice holiday which ended yesterday, November 9. While it is yet to be seen whether such a recovery will materialize, domestic prices have remained unchanged so far, after last week's declines. Accordingly, Turkish mills' domestic hot rolled coil (HRC) offers are still standing at $640-660/mt ex-works
In the meantime, spot flat steel prices in Turkey have also trended sideways this week, with HRC spot prices remaining at $680-710/mt and cold rolled coil (CRC) prices still at $820-860/mt, both ex-warehouse.
The market is not expected to revive in the last two days of this week, while market players are foreseen to monitor the market trends for a while and then start their purchases if there are no further price declines.
Russian and Ukrainian producers are expected to issue their new export offers in the coming days. Market players state that if these producers' HRC export offers, which were standing at $600-660/mt CFR for November rolling, continues to move downward, Turkish producers may also further cut their domestic prices.