Turkish flat steel spot traders have reduced their local prices over the past week since hot rolled coil (HRC) and scrap prices keep going down. The traders reduced their offers earlier in the week, but demand failed to improve and remains sluggish. Although workable levels have declined, some aggressive traders are offering far lower prices to attract buyers but have disrupted the market equilibrium.
According to reports, the prevailing workable domestic prices for hot rolled sheets in Turkey have decreased by $5/mt from last week to $615-625/mt ex-warehouse. According to reports, while bigger traders have offers at around $625/mt ex-warehouse, smaller and medium-sized traders have been offering at $615-620/mt ex-warehouse.
Similarly, the general range of domestic cold rolled sheet prices has weakened to around $730-750/mt ex-warehouse, down from $740-760/mt ex-warehouse in the previous week.
Meanwhile, some traders to boost sales are offering significantly lower levels for hot and cold rolled sheets at $610/mt ex-warehouse and $710-720/mt ex-warehouse, respectively.