Turkish flat steel traders have continued to lower their prices amid falling hot rolled coil (HRC) prices, the bleak scrap market outlook and weak business activities. Furthermore, the market slowdown during Ramadan and the uncertainties surrounding the country's economy and exchange rates as the elections approach also complicate the outlook for the coming weeks.
Over the past week, the workable domestic pricing for hot rolled sheets has decreased by $10-20/mt to $830-880/mt ex-warehouse. In the meantime, one of the large local retailers has dropped its offers for hot rolled and cold rolled sheets by $30/mt and $50/mt respectively to $860/mt and $940/mt ex-warehouse. Such moves have created some demand in the retail market, but overall trading activity still remains insufficient.
“Prices are decreasing and will continue to decline in the coming weeks, especially due to insufficient demand,” a trader told SteelOrbis.
Similarly, the general range of domestic cold rolled sheet prices has weakened by $10/mt from last week to $940-980/mt ex-warehouse, while in order to attract more attention from consumers, some smaller traders have been making aggressive offers at $900/mt ex-warehouse.
