Turkish flat steel spot prices have remained unchanged over the past week, despite ongoing optimism and price rises in the hot rolled coil (HRC) market. Market participants note that traders are not keen to raise offers because the demand segment is not exhibiting any signs of improvement and has remained poor this week. Meanwhile, today's unforeseen and sudden weakening of the Turkish lira has raised concerns in the market and the majority of traders have halted sales.
“HRC prices have increased compared to the previous week, but in the spot market we began this week with minimal demand, so prices remain stable at our end. In addition, as circumstances became chaotic today, we closed sales and are trying to monitor the situation,” a relatively large trader told SteelOrbis
Currently, workable domestic hot rolled sheet prices are quoted at $595-610/mt ex-warehouse, unchanged week on week. Reports state that bigger traders are offering at around $610/mt ex-warehouse, while smaller and medium-sized traders are offering at $595-600/mt ex-warehouse.
In the cold rolled sheet market, offers have remained stable compared to last week at around $720-745/mt ex-warehouse. However, a few traders have offered lower prices at around $710/mt ex-warehouse.
Meanwhile, on the producers’ side, offers for HRC are at about $580-590/mt ex-works, whereas their earlier offers were at around $560-580/mt ex-works and their offers for cold rolled coil stood at around $680-710/mt ex-works.
