Following the price drop seen in the past week, Turkish hollow section producers have been forced to provide further discounts under pressure from still low demand and the pessimistic sentiment in the flats segment. Furthermore, several projects have been put on hold due to the decline in purchasing power caused by Turkey's persistent economic and financial issues.
Current offers in the local hollow section market in Turkey are at $720-740/mt ex-works, down about $10/mt from the previous week.
“There are too many adverse factors affecting the downturn in the pipe market, such as low demand, financial difficulties, and a decline in construction projects,” a trader told SteelOrbis.
Likewise, the export side has remained pessimistic since orders for Turkish pipes have decreased due to financial and economic issues worldwide. In this context, this week's hollow section export prices have fallen by $10/mt from the previous week's prices to $750-790/mt FOB.