It is observed that prices in the local Turkish welded pipe market have fallen by $7.5/mt in the current week due to the weakness of demand received from buyers.
Although domestic hot rolled coil (HRC) prices in Turkey have not indicated any change for now, Turkish producers have decreased their offer range on US dollar basis for ERW pipes and hollow sections with 2-4 mm wall thickness made from hot rolled coil (HRC) of S235 grade as per EN 10219 to their domestic markets week on week due to the sharp depreciation of the Turkish lira, and so prices are now at $585-600/mt ex-works. SteelOrbis has also been informed that offers at $580/mt ex-works are also heard in the market for large volumes.
Buyers in the local Turkish welded pipe market are forced to maintain a cautious stance as regards new purchases given the slowdown caused by Ramadan, the increased political tensions caused by the Turkish Supreme Electoral Council’s decision to repeat the local elections in Istanbul, and also due to the sharp depreciation of the Turkish lira against the US dollar. According to market sources, demand received from buyers has remained at low levels as a result of the current circumstances, while sellers are also reluctant to carry large inventories, with some of them offering delivery times of 30-40 days. Under the current environment, demand in the local Turkish welded pipe market is not expected to recover.