This week, Turkish flat steel spot traders have decided to keep offers stable week on week considering the market's fluctuating movements. While offers from hot rolled coil (HRC) mills have declined from last week due to China's price reductions, the scrap segment is still continuing to show upward momentum. As a result, the majority of spot traders have maintained offers unchanged in order to monitor the market, but, as business activities have remained sluggish, some traders have continued to provide levels considerably lower than workable levels.
“Demand is low and the situation is still bad in the market. Many firms are struggling financially, so they give extremely diverse prices. In other words, there is no good pricing in the market. Although prices have declined, we have not reduced them because our February orders have come. Some have arrived, but we are unable to sell them at the price we paid for them, or even lower than the price they came at,” a trader told SteelOrbis.
As a result, workable domestic hot rolled sheet prices are stable week on week at around $570-595/mt ex-warehouse. While most traders have tried to maintain their offers from the previous week, a few traders have offered at aggressive levels of $560/mt ex-warehouse.
Meanwhile, prices in the cold rolled sheet market have remained unchanged week on week at $700-730/mt ex-warehouse.