This week, in the Turkish flats steel spot market, a significant increase has been observed in prices, mainly driven by the rising efforts of Turkish flat steel producers following the upward trend in China. As China continues to maintain a positive outlook, the domestic spot market in Turkey has seen some activity, with buyers aiming to secure material at lower levels before further potential increases. However, the majority of flat steel spot traders do not believe this price rise will continue or be sustained, as business activity and financial conditions in Turkey are not supportive in the long term.
“This week, some lots were purchased due to the price increases in China, and, as a result, spot market prices rose. However, this seems to be an artificial increase, as demand is not strong enough to support these higher prices,” a trader told SteelOrbis.
As a result, workable domestic hot rolled sheet prices are currently at $590-600/mt ex-warehouse, up from $560-590/mt ex-warehouse previously. While larger traders are offering prices around $595/mt ex-warehouse, smaller traders are selling in the range of $590-600/mt ex-warehouse.
Likewise, most traders in the cold rolled sheet market have raised their prices from the previous week by $5-20/mt to $690-705/mt ex-warehouse.