Amid adverse circumstances and concerns surrounding Turkey's economic issues and the forthcoming elections, demand in the Turkish flat steel spot market has not increased after the Eid holiday, and so trading activity has remained weak. Amid the negative factors and the declines in the hot rolled coil segment (HRC), spot market retailers have chosen to withdraw their offers.
"There is literally no demand because the market is down and people expect further price decreases, while the uncertainties surrounding the upcoming elections force people to delay business decisions." a trader said to SteelOrbis
Currently, workable domestic pricing for hot rolled sheets stands at $800-830/mt ex-warehouse, from $830-870/mt ex-warehouse previously.
Similarly, cold rolled sheet pricing has continued to fall this week, with most retailers quoting prices at around $900-930/mt ex-warehouse, down $20/mt over the past week. While some retailers are offering more discounts and selling at $860-870/mt ex-warehouse to attract customers' attention, other smaller retailers have decided to make aggressive offers at $815/mt ex-warehouse.
