Turkish HRC market under pressure from lower import offers

Wednesday, 01 September 2021 15:50:14 (GMT+3)   |   Istanbul
       

Foreign suppliers anxious to sell off their hot rolled coil (HRC) volumes have come to the Turkish market with lower prices, thus disturbing the business of local Turkish mills. The CIS and India-based mills have dropped their prices by at least $20-30/mt over the past week and some of them have managed to conclude deals.

According to sources, around 20,000-25,000 mt of HRC ex-India were sold to a Turkish re-roller, while the offers have been standing at $915-925/mt CFR, down from $940-950/mt CFR a week earlier. The HRC offers from the CIS have dropped by $15/mt from Ukraine to $905-920/mt CFR depending on the coil weight and have fallen by $30/mt from Russia to $920/mt CFR as an opening price. “I think the CIS can give $900/mt CFR today according to their costs, but buyers are pushing for $10-20/mt lower,” a large buyer told SteelOrbis.

As a result, domestic HRC prices in Turkey are under pressure and the levels of $950-975/mt ex-works which were only rumoured and whispered last week have now become the reality. Still, some mills are officially offering at $1,000/mt ex-works and above, specifically for prompt orders, while there are rumours of sales at $930/mt ex-works by one of the mills.

Generally, the mood in the Turkish HRC market is far from optimistic and most players agree prices will see a significant downturn. “CRC and coated are not good at all and stocks have been piling up here. We have now close to 2 million mt of flats sitting on the ground,” a producer said.


Similar articles

UAE’s HRC market still sluggish, offers from India fall slightly

27 Mar | Flats and Slab

Import HRC prices in Vietnam retreat again due to slump in China

27 Mar | Flats and Slab

Vietnam’s Hoa Phat produces nine millionth mt of HRC

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

HRC consumption in Mexico up 30.6 percent in January

26 Mar | Steel News

Local HRC prices sink further in Turkey

26 Mar | Flats and Slab

Import HRC prices to Pakistan decline in new ex-China offers, other suppliers avoid discounts

26 Mar | Flats and Slab

Ex-India HRC prices soften slightly amid slow demand globally

26 Mar | Flats and Slab

Mood among Chinese HRC exporters worsens again after slight rise last week

26 Mar | Flats and Slab

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News