In this week's Turkish domestic flat steel market local producers have softened their domestic offers. Due to the sluggish flat steel demand observed in Turkey for a while, trading companies have been struggling to maintain their flat steel prices at current levels. However, Turkish flat steelmakers have pulled down their domestic offers for May production.
SteelOrbis has learned from market sources that the Turkish integrated flat steel producer Erdemir has decreased its local hot rolled coil (HRC) and cold rolled coil (CRC) offers by $50/mt and $20/mt respectively. Thus, Erdemir is now offering HRC to the domestic market at the base price level of $800-810/mt ex-works, while its 1-1.5 mm CRC prices stand at $930-940/mt ex-works. In the meantime, HRC offers given by another Turkish flat steel producer Çolakoğlu Metalürji to the local market are now at the base price level of $800-810/mt ex-works.
This week, Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has issued its flat steel offers for the Turkish market. Accordingly, MMK's April production HRC offers to Turkey stand at $780/mt CFR, down from $850/mt CFR for its March production. Besides, after not allocating any CRC to the Turkish market from its March production, MMK is now offering April production CRC to the Turkish market at $900/mt CFR.
In Turkey's regional flat steel spot markets, traders and end-users have monitored steel producers' local offers during the past week. Nevertheless, spot flat steel prices haven't indicated any significant changes. SteelOrbis has learned that in this week's Turkish domestic spot market, 2-3 mm HRC offers have been at $780-810/mt, while 1-1.5 mm CRC offers have been at $930-960/mt, both ex-warehouse.