Though Turkish pipe makers reduced offers during the previous weeks in response to the persistent poor demand and the downward trend in the hot rolled coil (HRC) market, another decline occurred this week as the pressure has continued to drive prices down. According to market participants, the view is quite adverse for increases or positive prospects after the new year since market prices are uncertain, Turkish financial difficulties persist, and demand seems unlikely to rebound anytime soon. Despite the unfavorable opinions, some producers believe that considering recently announced raises in costs in Turkey, prices may rise in early January.
Currently, domestic hollow section prices have decreased this week to $630-640/mt ex-works, down from $640-650/mt ex-works the previous week.
On the export side, trading activity has remained slower than the local market since the holiday season began. According to sources, majority of official hollow section offers have been set at $630-650/mt FOB, down from $640-650/mt FOB last week. However, according to market sources, offers from larger pipe manufacturers are considerably lower, at approximately $590-600/mt FOB.
