Over the past week, demand for imported flat steel in Turkey has remained weak as buyers have continued to make bookings only to meet their immediate needs amid their concerns about the economic situation of the country. Meanwhile, the downward movement of domestic flat prices in Turkey has led buyers to make bookings from domestic suppliers. Market sources state that buyers are likely to maintain their cautious mood as trading activity in the market will likely slow down following the decision of the Turkish Central Bank to raise interest rates yesterday, September 13. While Turkish buyers continue to exert downward pressure on import flat steel offers, CIS-based suppliers are unwilling to offer new price reductions as they already decreased their prices last week and they still have not reflected the increases in raw material prices in their export quotations.
Under the current circumstances, ex-CIS flat steel offers to Turkey have remained stable during the past week, with hot rolled coil (HRC) prices at $560-580/mt CFR and cold rolled coil (CRC) prices at $620-630/mt CFR.