Traders in the local Turkish spot market have decreased their offers for hot rolled coil (HRC) by $15/mt and for hot rolled pickled and oiled coils (HR P&O) by $20/mt as compared to last week. However, market players expect a further price reduction in the coming days. Since the cash flow in the market has decreased due to the US dollar maintaining its strength against the Turkish lira, Turkish traders have been concluding HRC purchases only in line with their immediate needs. In this overall context, prices in the local Turkish HRC spot market have continued to weaken.
Meanwhile, Turkish steel producers' HRC prices have increased by $10/mt on the lower side to the range at $450-460/mt ex-works. Although Turkish steel producers have increased their offers in order to provide support for their prices and accelerate market activity, no deals have been concluded at these levels yet. Also, market sources state that producers are willing to offer discounts of $10-20/mt depending on tonnages.
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
Product |
Price ($/mt) |
|
Eregli |
Gebze |
|
2-12 mm HRC |
490-500 |
495-505 |
1.5 mm HRS |
520-530 |
525-535 |
2-12 mm HRC (for large volume sales) |
480-490 |
|
3-12 mm HR P&O |
560-570 |
575-580 |
The above prices are ex-warehouse and for advance payments, exclusive of 18 percent VAT.