Given the low demand and price weakening witnessed in the hot rolled coil (HRC) segment, flat steel spot traders in Turkey have chosen to lower their hot rolled sheet (HRS) offers while keeping their cold rolled sheet prices stable. Even though there is still a slight price difference between HRC and HRS, some of the aggressive spot traders' HRS offers have almost reached the HRC price levels. Nonetheless, the majority of traders do not anticipate any additional cuts because general costs and bleak economic conditions have persisted, which makes it more difficult to make a profit or simply avoid losses.
“Costs are high, so I do not believe prices will fall further and we will continue to pursue a price protection approach for the time being. Additionally, with the weak demand, there can be no healthy profit in the current circumstances,” a trader told SteelOrbis
According to reports, workable domestic hot rolled sheet prices have decreased by $5-10/mt from the previous week to $720-745/mt ex-warehouse. While smaller and mid-sized traders prefer to provide the bottom levels of $720-730/mt ex-warehouse, larger traders are offering at the top end.
However, as previously stated, certain aggressive traders have continued to offer prices at $700-710/mt ex-warehouse to boost their business activities.
Meanwhile, in the cold rolled sheet market, the majority of traders have agreed to maintain price stability despite weak demand. According to market reports, current offers for cold rolled sheets vary at $840-880/mt ex-warehouse.
