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 due to the negative economic situation in Turkey. However, buyers have increased their price inquiries slightly due to their immediate needs as the new year begins and Turkish producers have decrease their domestic HDG prices by $20/mt week on week as a result of negotiations during actual transactions. In the short term, the pressure on global flat and coated steel prices and also the negative economic situation in Turkey are foreseen to continue. Accordingly, demand for domestic HDG in Turkey is not likely to recover.
|
Product |
Price ($/mt) |
Weekly change ($/mt) |
|
HDG 0.50 mm 100gr/m² |
640-670 |
↓20 |
|
HDG 1 mm 100gr/m² |
585-640 |
↓20 |
|
HDG 2 mm 100gr/m² |
545-565 |
↓20 |
In the same period, price inquiries for Turkish HDG in the global market have increased. However, Turkish mills have decreased their export prices by $20/mt week on week to $635-655/mt FOB due to buyers’ lower firm bids, the pressure on flat and coated steel prices in the global market, and the declines in domestic HDG prices in Turkey. In the short term, European buyers are likely to decrease their HDG imports from South Korea due to the new import quotas and so demand for Turkish HDG in Europe is expected to pick up slightly.