Over the past week, demand in the local Turkish hot rolled coil (HRC) market has remained slack. Being reluctant to replenish their inventories as they cannot predict the price trend for the period after the upcoming local elections to be held on March 31, Turkish buyers have continued to postpone their bookings and to exert pressure on prices. Buyers’ firm bids are still at $520/mt ex-works, while Turkish HRC producers have maintained their prices unchanged at $540-560/mt ex-works over the past week and are unlikely to decrease their prices since their order books are fairly full and also due to rising raw material prices. Actually,according to market sources, Turkish HRC producers would prefer to push their prices higher due to increasing raw material prices, though weakness of demand and pressure from buyers hinder any possible price rise. In the coming period, demand in the local Turkish HRC market is expected to remain slack, at least until the election is over.
As for the spot market, demand is still weak and traders’ prices have remained unchanged week-on-week.
|
Product |
Price ($/mt) |
|
|
Eregli |
Gebze |
|
|
2-12 mm HRC |
570-580 |
580-590 |
|
1.5 mm HRS |
610-620 |
615-645 |
|
2-12 mm HRC (for large tonnages) |
560-570 |
|
|
3-12 mm HR P&O |
600-610 |
640-650 |