Over the past week, demand in the local Turkish hot dip galvanized coil (HDG) market has remained slack and buyers have continued to be cautious about making new bookings since as they are trying to keep their inventories as low as possible due to the negative economic situation in Turkey. Market sources state that the current situation in the market is unlikely to undergo a recovery in the short term and demand will likely continue to be negatively impacted by the cash and credit problems in the country.
|
Product |
Price ($/mt) |
Weekly change ($/mt) |
|
HDG 0.50 mm 100gr/m² |
635-665 |
↓5 |
|
HDG 1 mm 100gr/m² |
580-635 |
↓5 |
|
HDG 2 mm 100gr/m² |
540-560 |
↓5 |
In the same period, price inquiries for Turkish HDG in the global market have increased, though these inquiries have not resulted in actual transactions. Turkish mills have decreased their export prices by $5/mt week on week to $630-650/mt FOB. According to market sources, European buyers are still exerting pressure on prices, though Turkish exporters are unwilling to decrease their prices sharply due to the sideways movement of global flat steel prices, and they are only offering small discounts.