Over the past week, demand in the local Turkish hot rolled coil (HRC) market has remained slack as buyers have exerted pressure on prices by adopting a very cautious stance towards new bookings due to the negative economic situation in the country and the stagnation of activity during the summer season. As their order books are fairly full, Turkish HRC producers have tried to maintain their prices at current levels despite the weakness of demand. However, as a result of negotiations, Turkish mills have decreased their HRC prices by $7.5/mt on average to $520-535/mt ex-works. According to market sources, demand for HRC in the local Turkish market is expected to remain slack in the short term due to the negative economic situation, stagnation during the summer season and the rerunning of the local elections in Istanbul on June 23.
As for the spot market, demand has also remained slack, while traders’ prices have remained stable week on week.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
560-570 |
570-580 |
|
1.5 mm HRS |
600-610 |
605-635 |
|
2-12 mm HRC (for large tonnages) |
550-560 |
|
|
3-12 mm HR P&O |
590-600 |
630-640 |