Given the softening of hot rolled coil (HRC) prices and the ongoing slowdown of trade, Turkish flat steel traders have continued to reduce hot rolled sheets while maintaining cold rolled sheet prices unchanged from last week. Although there have been some improvements in the scrap market, most traders do not think that this will help prices rise given the continuing pessimistic outlook.
“We did not adjust the pricing, but demand is quite weak, and we hear some traders have reduced offers significantly, so I do not believe scrap prices will affect spot prices,” a larger trader told SteelOrbis
As a result, workable domestic hot rolled sheet prices have fallen week on week to roughly $570-595/mt ex-warehouse, down from $580-595/mt ex-warehouse last week.
On the other hand, in the cold rolled sheet market, the majority of traders have agreed to keep prices stable despite weak demand. According to market reports, current offers for cold rolled sheets vary at $700-730/mt ex-warehouse.
However, since the demand for rolled sheets remains sluggish, some traders are still attempting to boost sales by offering hot and cold rolled sheets for $560-565/mt ex-warehouse and $690/mt ex-warehouse, respectively.