While unfavorable factors continue to depress the market, Turkish flat steel traders have chosen to stick with their offers of the previous week. According to market participants, even though demand and trade have not improved, the weaker lira has forced some flat steel traders to change their sales policies. As a result, some traders have settled on a currency rate at which they may offer on dollar basis or simply sell in the local currency.
“We gradually cut prices every day, and for the price at which we have decided not to sell in dollars we have a cash price in liras, but if required we use the dollar rate of $1= TL 21.50 and calculate it that way giving the dollar base price.” a large flat steel trader told SteelOrbis.
Over the past week, domestic hot rolled sheet prices have remained stable at $730-770/mt ex-warehouse from the previous week. While major traders have been offering at around $730-740/mt ex-warehouse, medium-size and smaller traders have made the decision to retain prices in the range of $740-770/mt ex-warehouse.
Similarly, prices in the cold rolled sheet segment have remained stable since last week, with most traders quoting prices at around $800-850/mt ex-warehouse.