Will low inventories boost activity in Turkish flat steel market?

The Turkish flat steel market has reached the end of another week of stagnant activity, while flat steel inventories in Turkey are reported to have reached low levels. Some market players indicate that the low inventory levels may cause a revival in flat steel purchases from domestic producers. On the other hand, SteelOrbis has learned that, thanks to the thawing of ice at Ukraine's Mariupol port, sea traffic has resumed and vessels carrying flat steel cargoes from previously concluded transactions are now en route to Turkey. It is thought that these cargoes may provide some relief for stockists' inventory levels. Meanwhile, it is heard that Turkish flat steel producers have started to give hot rolled coil (HRC) offers in the price range of $800-830/mt ex-works.
 
This week, Russian steelmaker Severstal has announced its offers for April production HRC. Accordingly, Severstal is offering April production hot rolled coil (HRC) to Turkey at the base price level of $820/mt CFR FO, down $55/mt as compared to the previous month, for late May and early June shipments. However, Severstal has not issued any cold rolled coil (CRC) offers to Turkey. Next week, it is anticipated that the Ukrainian flat steel producers will announce new offers.
 
This week, no significant price change has been recorded in the local spot markets. Accordingly, in this week's Turkish domestic spot market, 2-3 mm HRC offers have been at $790-810/mt, while 1-1.5 mm CRC offers have been at $930-950/mt, both on ex-warehouse basis.