Considering the persisting rise in hot rolled coil (HRC) prices and the favorable mood in the scrap market, Turkish flat steel spot traders have decided to raise hot rolled sheet offers over the past week. In contrast, offers for cold rolled sheet have remained stable compared to last week. Market participants, on the other hand, claim that, even while prices have gone up in the hot rolled sheet segment as a result of market developments, the increase has not been justified by demand and this week's sales have been extremely slow. Additionally, business activity is expected to be weaker in the coming days due to the upcoming holiday at the end of Ramadan.
“Business in the flat steel spot market is quieter this week than in other normal weeks owing to the upcoming holiday. We will see what happens after the break, but demand is typically low, so the future outlook remains uncertain. Meanwhile, HRC producers’ prices are increasing,” a trader told SteelOrbis
Over the past week, workable domestic hot rolled sheet prices have been quoted at $610-620/mt ex-warehouse, up from $595-610/mt ex-warehouse last week. However, according to sources, a few traders are still trying to offer the previous low level of $600/mt ex-warehouse to attract buyers' attention.
On the other hand, in the cold rolled sheet market, the majority of traders have agreed to maintain prices unchanged as demand remains sluggish, with current offers ranging at $720-745/mt ex-warehouse.
