Following the declines recorded in local Turkish hot rolled coil (HRC) prices which have long been under downward pressure, domestic producers’ prices in local Turkish cold rolled coil (CRC) market have decreased by $10/mt over the past week to $630-650/mt ex-works. However, the decline has not been sufficient to boost local demand for domestic producers’ CRC products due to the strengthening of the US dollar against the Turkish lira and so demand in the local Turkish CRC market has continued to remain weak.
Meanwhile, in the local Turkish CRC spot market, demand has remained weak due to the ongoing political uncertainties in Turkey and due to ongoing cash flow problems. According to market sources, the decrease in producers’ prices will likely be reflected in the spot market as well, considering the ongoing weakness of spot demand.
Currently, traders’ CRC prices in the local Turkish spot market are as follows:
Product |
Price ($/mt) |
|
Eregli |
Gebze |
|
0.6 mm CRC |
680-690 |
690-710 |
0.7-2 mm CRC |
650-660 |
660-680 |
The offers are on ex-warehouse basis, for January delivery, and exclude 18 percent VAT.