Another decrease has been witnessed in the Turkish flats spot prices during the past week, since the outlook in the hot rolled coil (HRC) and scrap segments has remained poor. Moreover, given the continuing sluggishness of trade, the majority of spot traders anticipate a further weakening in the coming weeks. While most traders are attempting to cut prices slowly in response to market movements, a few traders who are award that demand is not improving and does not appear to be recovering soon, have begun to offer at far lower than most market levels, seriously weakening market prices.
“We started this week with a discount, but, because of the poor demand, others are selling at extremely lower prices, which are close to HRC pricing and are impossible for us to reach,” a large trader told SteelOrbis.
According to reports, workable domestic hot rolled sheet prices are currently at $600-615/mt ex-warehouse, from $600-620/mt ex-warehouse in the previous week. While medium-size and smaller traders are offering at $600-610/mt ex-warehouse, bigger traders are offering at around $615/mt ex-warehouse. However, some traders have decided to give some discounts of $5/mt to serious buyers in order to boost sales.
Likewise, in the cold rolled sheet (CRS) market, most traders have decided to cut their offers by $5/mt week on week to $710-740/mt ex-warehouse.