Turkish retail traders maintained hot rolled sheets (HRS) prices at the same levels because hot rolled coil (HRC) prices are expected to be influenced in the coming weeks and would boost hot rolled sheet prices owing to the favorable movements in the scrap market this week. However, the impact of the lack of demand in the cold rolled sheet (CRS) segment was significant and caused a fall in prices. Meanwhile, ongoing economic and financial difficulties in Turkey mean that the adverse impact on the flat steel market will not quickly disappear.
“Due to the positive sentiments in the scrap market, flat steel mills are attempting to raise HRC pricing, which appears likely to have a direct impact on retail sheet prices in the next few days Nevertheless, the lack of demand caused by economic and financial troubles persists both in our local market and abroad, and so this increase will regrettably not last long.” a trader indicated to SteelOrbis.
Domestic hot rolled sheets prices are the same as last week at $700-720/mt ex-warehouse. Meanwhile, some larger traders are still attempting to sell at $740/mt ex-warehouse, which is not viable in the current market conditions. On the contrary, a downward trend can be seen in the cold rolled sheet market, with most traders this week offering prices at $790-800/mt ex-warehouse, down from last Friday's $800-810/mt ex-warehouse.
