The Turkish retail flat market has seen a dramatic decrease in prices this week as a result of a number of unfavourable circumstances, including the country's economic crisis, worldwide inflation, and the local market's loss of vitality compared to the previous week. In addition to these concerns, declining HRC prices are also bringing down the retail market.
“Last week's surge gave way to a drop. Demand is down significantly compared to last week, and prices are falling as a result. We have begun to lose money due to price imbalances, so we created a financial strategy and we are attempting to lower our stocks and sell the amount that would make a profit while still purchasing as much as we can sell continuously,” one trader told SteelOrbis.
Domestic hot rolled sheets (HRS) are now priced at $700-750/mt ex-warehouse this week, down $40-50/mt from the previous week. A similar downward trend can be seen in the cold rolled sheet (CRS) market; this week, most traders are offering prices at $800-850/mt ex-warehouse, down from last Friday's $830-905/mt ex-warehouse, while some other traders are trying to sell at around $900 /mt ex-warehouse, which is not feasible in the current market situation.