This week, prices in the Turkish flat steel spot market have moved higher following the recent increases in HRC prices. The upward movement in HRC has been largely driven by rising scrap and oil costs, as well as growing cost expectations due to the war in the Middle East. As a result, spot quotations have strengthened even though underlying demand conditions remain relatively modest. Market participants report that activity has shown some improvement compared to previous weeks, though buying remains cautious as financial constraints and weak downstream demand continue to limit purchase volumes.
“Prices are rising further since HRC offers in the market have already moved up, so spot prices are following the same trend even though demand is not strong. The increase in oil prices and the overall war-driven market environment are the main factors pushing prices higher despite the weak demand,” a trader told SteelOrbis
Consequently, spot prices for hot rolled sheet (HRS) have moved up to $610-640/mt ex-warehouse from $600-625/mt ex-warehouse previously. Cold rolled sheet (CRS) prices have followed the same trend, rising to $700-740/mt ex-warehouse, from $685-725/mt ex-warehouse a week earlier.
Meanwhile, HRC offers from local mills have been heard at $590-620/mt ex-works, while CRC offers are reported at $670-700/mt ex-works.
