Following drops in both HRC and scrap market prices, along with sluggish business activity in the local market, Turkish flat steel spot traders have had no choice but to keep reducing their offer prices. In addition, there is persistent pressure on both sellers and buyers due to the fluctuating currency exchange rates and local economic problems. With Ramadan approaching, market participants expect that the market will maintain its negative perspective until the conclusion of Ramadan and local elections at the end of March.
As a result, workable domestic hot rolled sheet prices are down by $10-20/mt from the previous week to $690-710/mt ex-warehouse. While smaller and medium-sized traders are offering at around $690-700/mt ex-warehouse, larger traders are offering roughly at $710/mt ex-warehouse.
Similar trends have been observed in the cold rolled sheet market, with traders quoting offers this week at $820-840/mt ex-warehouse, down from $840-860/mt ex-warehouse. However, some medium-sized traders are attempting to offer at higher than feasible prices, at $850/mt ex-warehouse.
