Considering the gains in the scrap market over the past week, hot rolled coil (HRC) producers have decided to maintain offers stable, resulting in temporary stability in Turkish flat steel spot prices. Market players, however, believe that the current market stillness will not last long since demand is not showing signs of recovery, and as the year comes to a close, most customers are likely to reduce demand further, maintaining their finances.
“Demand remains a major concern, but this week, thanks to rises in scrap prices and HRC producers' firm stance, the market is considerably calmer, with no price movement,” a trader said SteelOrbis.
As a result, this week's workable prices are at $600-610/mt ex-warehouse, with the bigger traders reported to be offering at about $610/mt ex-warehouse, while medium-sized and smaller traders are offering at roughly $600/mt ex-warehouse. However, due to ongoing slower trade in the market, medium and smaller-sized traders provide $5-10/mt discounts.
Meanwhile, in the cold rolled sheet segment, most sellers have decided to keep offers stable week on week at $720-745/mt ex-warehouse.