Although hot rolled coil (HRC) prices have remained stable and scrap prices have kept on increasing, demand in the Turkish retail sector has remained sluggish. In this context, some retailers continue to sell at higher levels, believing that prices will not fall in the future, while others aim to adjust prices and provide discounts, claiming that the weak trade activity will cause prices to decrease.
“Similar to the previous week, this week has been calm and putting pressure on pricing. Also, Ramadan is approaching, and there are elections, and so the buyers' side is silent,” a trader told SteelOrbis.
Over the past week, domestic hot rolled sheet prices are the same as last week at $890-930/mt ex-warehouse, while some smaller traders are still attempting to sell at $940/mt ex-warehouse, which is not viable in the current market conditions.
Similarly, the cold rolled sheet market has remained stable this week, with most traders providing prices at $970-1,015/mt ex-warehouse.
