Given the recent attempts to increase hot rolled coil (HRC) prices slightly, Turkish flat steel spot prices, notably in the hot rolled sheet segment, have risen slightly over the past week. In contrast, traders in the cold rolled sheet segment have chosen to soften prices in response to the declines in cold rolled coil (CRC) prices recorded last week. Since the outlook remains bleak due to the persistently low demand, most market participants believe it is hard to imagine buyers agreeing to price increases, particularly in the flat steel spot market given that the declines in the cold rolled sheet segment have not triggered business activity.
“The news on scrap and Europe seems to be improving and also we hear some increases on the HRC mills' side, but the local Turkish flat steel spot market is still in poor shape due to very low demand,” a trader told SteelOrbis.
As a result, workable domestic hot rolled sheet prices have increased by $10/mt week on week to $580-595/mt ex-warehouse. According to market players, while small and medium-sized traders have offered at around $580-585/mt ex-warehouse, bigger traders are offering at roughly $595/mt ex-warehouse.
On the other hand, as CRC prices fell, the majority of traders in the cold rolled sheet market agreed to lower their prices. According to market reports, current offers for cold rolled sheets are at around $685-720/mt ex-warehouse, down from $700-730/mt ex-warehouse last week.