Turkish flat steel spot prices mostly stable, stocks remain low

Prices in the Turkish flat steel spot market have remained stable for hot rolled products but have declined by $10/mt for cold rolled coils since last week. Demand has also failed to recover in the same period. However, despite the low demand and the pressure from buyers, traders have managed to keep their prices unchanged thanks to low spot stock levels in Turkey. "Buyers continue to exert pressure on our prices but most traders are not able to give discounts because nobody has too much stock in the market and there is no need to conclude panic sales or give sharp discounts. Also, we mostly receive demand for high quality flat steel, for which stocks are even lower. Producers' prices are also mostly stable this week, and so we are not in a hurry to update our prices and many believe the price trend can change after the Chinese holidays and that we may see an uptrend," a trader told SteelOrbis. It is also worth mentioning that a cautious uptrend in the scrap segment may be seen in the event of firmer flats prices in the Turkish market on the mills’ side.

Spot prices for HRC materials and HR pickled and oiled materials have not changed and prices have declined by $10/mt for CRC materials, week on week.