Weak demand for import flat steel in Turkey

With Turkish buyers preferring to wait and observe the market after the Chinese New Year holiday as well as maintaining a cautious stance due to the economic and political uncertainties in Turkey, demand for import flat steel in Turkey has been at low levels during the past week. However, Turkish buyers are expected to continue purchasing import flat steel in the short term only in line with their needs since they have found it difficult to procure the discounts they have sought - citing declines in import flat steel quotations - from Turkish steel producers.   
 
During the past week, Russian hot rolled coil (HRC) and cold rolled coil (CRC) offers to Turkey have respectively declined by $20/mt on average and by $10/mt on the upper end to $490-500/mt CFR and $570-580/mt CFR. Also, Ukrainian HRC offers to Turkey have softened by $10/mt week on week to $490/mt CFR, while Ukrainian CRC prices to the same destination have moved down by $5/mt on the lower end and by $10/mt on the upper end to $565-570/mt CFR.