Even though demand has been unresponsive to decreased prices and has continued to be poor over the past week, Turkish flat steel spot traders have chosen to maintain the same offers as in the previous week. However, more declines are anticipated in the spot market as prices of scrap and hot rolled coil (HRC) have continued their downward trend.
“Demand is very low, and I believe the current market is not focused on pricing since, despite considerable price reductions, purchasers continue to avoid buying,” a trader told SteelOrbis
As a result, workable domestic hot rolled sheet prices are stable week on week at around $620-625/mt ex-warehouse. While most traders have tried to maintain their offers from the previous week, a few traders have offered at aggressive levels of $615/mt ex-warehouse.
Meanwhile, prices in the cold rolled sheet market have remained unchanged week on week at $740-760/mt ex-warehouse.