Despite the still positive sentiment in the scrap segment, Turkish flat steel spot traders have opted to keep their offers stable this week, as HRC mills have begun to show a slight softening in their pricing. With domestic demand remaining weak, the mills have adjusted their HRC offers downward, while spot market sellers have chosen to hold nominal price levels stable, but continue granting discounts to serious buyers. According to market sources, the current elevated price levels are difficult for buyers to accept, given ongoing economic pressures and year-end financial closures. Nevertheless, some traders note that, once the Turkish government announces new cost adjustments for next year, including expected increases in expenses and salaries, market acceptance of higher price levels may gradually improve.
“Some companies raised spot prices for a few days but quickly reversed them due to weak demand. Any increase is seen as a selling opportunity, and offers remain flexible because demand is very low. The market will gain direction after the New Year, as most companies have stopped buying and this month will likely wrap up next week,” a trader told SteelOrbis
As a result, hot rolled sheet (HRS) prices have shown no change from last week and continue to stand at $580-600/mt ex-warehouse. Larger traders are still quoting near the top of the range, while medium and smaller sellers remain closer to the lower end. Because demand is weak, several suppliers are willing to offer $5-10/mt discounts for bigger-volume purchases.
Cold rolled sheet (CRS) prices are also stable, at $660-710/mt ex-warehouse, the same levels seen last week.