Turkish mills manage to keep HRC prices stable for now

Friday, 24 January 2020 16:15:15 (GMT+3)   |   Istanbul
       

HRC prices in Turkey have remained stable this week supported by the limited import allocation in the market. However, expectations of market players regarding the future trend of prices vary.

Local HRC prices for March-April deliveries have remained at around $510-520/mt ex-works. Some higher and lower levels have also been reported depending on mills’ positions and order size. Domestic demand has reportedly been moderate with medium and small lots having been sold this week. As regards exports, producers’ prices are weaker, at $500-505/mt FOB in reasonable offers with $5/mt discounts possible. According to sources, the main issue is that the European market is currently inactive, with bids heard as low as $480/mt FOB.

Weak exports and the sizeable difference in buyers’ and sellers’ price ideas are the main reasons for some sources expecting a decline in the HRC market. In addition, the downward trend in the import scrap segment has strengthened the negative expectations.

On the other hand, some sources consider the limited allocation from the CIS mills as a good reason for Turkish mills to resist giving sizeable discounts for now. Some expect buyers from the EU to be in the market soon with orders for prompt shipment. However, players generally agree that Turkish buyers will be cautious as regards their purchases for now. “Whoever can wait, will wait, the market is unclear,” a trader told SteelOrbis.


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