This week, the flat steel spot market has once again trended down due to the declines observed in the hot rolled coil (HRC) and scrap segments, which were further exacerbated by relatively low levels of demand. As a consequence of these issues and financial issues in Turkey, the majority of traders have had no choice but to lower their prices even further in order to keep up with market levels.
Meanwhile, Turkey's Black Sea region, which was devastated by flooding last week, has begun to offer and return to work, though demand has remained extremely poor since most people are still trying to bounce back from the disaster.
“The flood damage persists, but it has begun to be forgotten. Everyone is at work, but demand is very weak and there is absolutely no business, making it seem as though the market has been shut down entirely. This is because people are still working to repair the damage from the floods,” a trader told SteelOrbis.
Over the past week, the price for domestic hot rolled sheets has dropped to $690-710/mt ex-warehouse, from $700-740/mt ex-warehouse last week. In a comparable manner, prices in the cold rolled sheet market have declined by $30/mt compared to the week before to $790-800/mt ex-warehouse.
