Turkish mills’ hot rolled coil (HRC) price rises have had a direct impact on the retail flats sector, and several traders have boosted their local offers this week. Despite this upward movement, the lack of demand that has been seen for months, as well as unfavorable economic issues, i.e., inflation and the Turkish currency's volatility, have caused traders to worry about how long the current price range can be sustained.
“Production decreased and even in some cases ceased in Europe as a result of high energy prices and inflation. Some traders believe that the price rise will continue and that Turkey will be able to cover Europe's stock shortfall. On the other side, quota limits, energy prices, and inflation, which all affect us, will have a negative impact on our sales. In other words, we are currently in the midst of a global crisis, and we will discover in the following months if we can transform this into an opportunity for improved business activities,” a source indicated to SteelOrbis.
Currently, the workable domestic pricing for hot rolled sheets is at $700-735/mt ex-warehouse, up from $670-705/mt ex-warehouse last Friday. Similarly, domestic cold rolled sheet prices have gone up by $30-60/mt to $800-860/mt ex-warehouse. Nevertheless, a few traders are seeking to sell at up to $880/mt ex-warehouse, which is not realistic in the present market conditions.
