Although there have been improvements in hot rolled coil (HRC) prices and a stabilization in the scrap market, domestic financial issues continue to have a significant impact on the uncertainty in the market, and so traders have chosen to remain silent and postpone price decisions until after the Feast of Sacrifice. Nevertheless, the majority of traders continue to agree to give discounts to serious buyers considering there is still not sufficient demand.
“We have now entered holiday mode because the phones are almost silent, so there is no change in prices. Everyone in the market has been focusing on today's interest rate decision, which will be important. Most market participants believe that high interest rates will make it difficult for businesses to grow in the coming period,” a trader told SteelOrbis
As previously indicated, economic conditions are still quite dire in the market and have a substantial effect on trading activities. For this reason, the majority of sellers are waiting for more clarity following today's statement from the Central Bank concerning interest rates.
Over the past week, prices for domestic hot rolled sheets have remained constant at around $730-770/mt ex-warehouse. In a comparable way, prices in the cold rolled sheet market have remained unchanged, with the majority of traders reporting pricing of $800-850/mt ex-warehouse.