Due to Turkey’s economic and financial troubles, most buyers’ purchasing power has decreased and demand has become weaker day by day and this remains a major concern for retailers. In addition to these worries, the retail market is also negatively impacted by the gloomy outlook for hot roll coil (HRC).
“Manufacturers want to avoid losses. The HRC market outlook is not good and buyers are not interested in purchasing due to financial challenges,” a trader claimed to SteelOrbis.
As a result, Turkish flat steel traders have decided to reduce their prices even further, to the levels of mills’ prices.
Currently, the workable domestic hot rolled sheet prices have dropped by $20/mt to $670-680/mt ex-warehouse. Likewise, most traders in the cold rolled sheet market have decreased their prices to $760-800/mt ex-warehouse.