This week has seen previously unexpected price hikes by Turkish hot rolled coil (HRC) producers following the strong surge in ex-China HRC prices at the start of the week, in turn impacting flat steel and scrap prices in Turkey. As a result of the mills' price hikes, traders in the Turkish flat steel spot market have also raised their offer prices and buyers, concerned about possible further price rises, began to conclude purchases, resulting in increased trade in the market this week.
“We sold decent lots over two days as part of this increase, but the orders we received were largely for position purchases rather than actual project works. There is still inadequate demand in the market, and we encountered a similar situation after the most recent antidumping news, which lasted two days, so it is now important to see how China will respond when it returns from its holiday,” one trader told SteelOrbis.
Workable domestic prices for hot rolled sheets are now at $630-645/mt ex-warehouse, up from $600-620/mt ex-warehouse last Friday. Nonetheless, a few traders are still offering the previous level of $620/mt ex-warehouse to pique buyers' interest. Similarly, domestic cold rolled sheet prices have gone up by $20-30/mt to $750-770/mt ex-warehouse.