Turkish flat steel prices, which had increased in line with hot rolled coil (HRC) and scrap prices, have started to weaken due to the slowdown in trading activities. While some larger traders have kept their prices stable, medium-sized and smaller traders have begun to lower their prices in response to customers’ expectations.
“We have maintained prices this week, but business activities are very modest. Our customers have begun to expect a price cut, but, if things continue the way they are, we will undoubtedly lower the price,” one of the bigger retailers told SteelOrbis.
Currently, the feasible domestic pricing for hot rolled sheets is around $890-930/mt ex-warehouse, down from $900-930/mt ex-warehouse in the previous week.
Meanwhile, according to market players, the approach both of Ramadan and of the election in Turkey is expected to have an impact on market prices and help keep them at current levels.
“I believe we will remain in this price range until the end of Ramadan and the election. In fact, if prices do not weaken globally, there will be no price cuts on our side, and prices may even continue to increase.” a trader told SteelOrbis.
Likewise, domestic cold rolled sheet offers have dropped by $5-30/mt over the past week to $970-1,015/mt ex-warehouse.