Turkish HRC prices dragged down further by limited demand

Friday, 26 November 2021 16:41:44 (GMT+3)   |   Istanbul

Business activity in Turkey’s hot-rolled coil (HRC) market has diminished this week, under pressure from severe currency fluctuations and negative expectations. In addition, exports remain slow as the EU is waiting for the new quota round to be opened.

According to sources, current official domestic HRC offers in Turkey are standing mainly at $890-900/mt ex-works, although buyers report $870-880/mt ex-works levels are quite possible to reach at present. In the local retail market, hot-rolled sheets are sold at around $930-950/mt ex-warehouse for December production, while the material already in stock is available at up to $1,000/mt ex-warehouse, SteelOrbis has learned.

In the export segment, according to sources, HRC prices have been settled at $850-875/mt FOB with some mills still offering at $900/mt FOB in their official levels. Up to 40,000 mt of HRC have been reportedly sold to Egypt at $870-875/mt FOB in addition to the previously closed deals at $880/mt FOB. “There is no buyer in the EU, and no quota until January. All ports are still full of vessels carrying cargoes from India,” a Turkey-based exporter said.

As a result, domestic HRC prices in Turkey have moved down by around $25-35/mt over the past week, while the export prices have declined by around $20-30/mt over the same period.

Import offers are scarce for now since CIS-based mills are taking their time to announce their HRC offers for January production, SteelOrbis understands.

Similar articles

Turkey again postpones imposition of higher flats import duties, to May 1

31 Mar | Steel News

Japan’s steel exports up 2.6 percent in January-February

31 Mar | Steel News

US HRC imports down 22.6 percent in February

30 Mar | Steel News

Brazilian HRC export price continues to trend stable

30 Mar | Flats and Slab

European HRC mills target rises in April, but sustainability questionable

30 Mar | Flats and Slab

Ex-China HDG offer prices stable, some optimism reappeared

30 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 13

30 Mar | Longs and Billet

Demand silent for HRC in Turkey, import offers dip again

29 Mar | Flats and Slab

Chinese HRC suppliers most active in Pakistan, trade expected to improve amid cash margin removal

29 Mar | Flats and Slab

UAE continues receiving aggressive ex-China HRC offers, while trade slows due to Ramadan

28 Mar | Flats and Slab