Despite low end-user demand and falling scrap prices, which remain the main negative factors impacting the market, Turkish flat steel traders have decided to keep their prices unchanged week on week. Market participants claim that the current stability is because hot rolled coil (HRC) prices are stable, while discounts are ineffective in boosting demand.
"There is no change in our spot prices. It does not appear that producers are going to change their pricing significantly since they cannot sell. They cannot sell even if the price decreases, so I believe they will resist as much as possible," a trader told SteelOrbis
As a result, workable domestic hot rolled sheet prices are quoted at $580-600/mt ex-warehouse, unchanged week on week. Reports state that bigger traders are offering at around $600/mt ex-warehouse, while smaller and medium-sized traders are offering at $580-590/mt ex-warehouse.
In the cold rolled sheet market, offers have remained stable compared to last week at around $720-740/mt ex-warehouse. However, a few traders have offered lower prices at around $700-710/mt ex-warehouse.