Despite the persistent weakness in demand, which has been further dampened this month by the seasonal summer slowdown, Turkish flat steel traders have opted to maintain stable offer levels over the past week. Market participants said that, with the arrival of September, a modest recovery in business activity is anticipated, but expectations remain restrained given the ongoing economic pressures in Turkey. At the same time, a few market players are cautious considering that softening sentiment in China could trigger additional price cuts from Turkish HRC mills and might affect some traders seeking to accelerate sales, causing them to resort to more aggressive pricing strategies.
This week’s workable hot rolled sheet prices stand at $570-590/mt ex-warehouse, with larger traders reported to be offering at around $590/mt ex-warehouse, whereas medium-sized and smaller traders are quoting in the range of $570-580/mt ex-warehouse.
Similarly, stability has also been observed in the cold rolled sheet segment, as most sellers have opted to maintain offers in the range of $660-705/mt ex-warehouse, unchanged compared with the previous week.