Demand in Turkey’s flat steel market remained moderate during the week to Friday July 30 amid holiday season, with prices for hot-rolled coil and cold-rolled coil mixed, market sources said.
HRC producers were accepting orders for November production this week and demand was stable in the local market and weak in the export market.
Some market participants had expected prices to rise despite slow demand following China’s decision on export rebates.
China’s Ministry of Finance announced it will cancel rebates of value-added tax for more steel exports, including CRC and hot-dipped galvanized coil, from August 1.
But other sources said that current demand does not support price increases.
Last week, Turkey was on holiday for Eid al-Adha, so most buyers opted to wait before placing big orders.
Fastmarkets’ weekly price assessment for steel hot-rolled coil, domestic, exw Turkey was $1,020-1,050 per tonne on Friday, down by $20-30 from $1,050-1,070 per tonne last week.
Turkish HRC producers were offering material at $1,020-1,050 per tonne ex-works for November production.
Cold-rolled coil prices widened downward over the past week.
Producers were offering 1mm thick CRC at $1,240-1,300 per tonne ex-works.
Fastmarkets’ weekly price assessment for steel cold-rolled coil, domestic, exw Turkey was $1,240-1,260 per tonne on Friday, widening downward by $10 from $1,250-1,260 per tonne a week ago.
Fastmarkets’ weekly price assessment for steel HRC, export, fob main port Turkey was $1,030-1,050 per tonne on Friday, narrowing from $1,020-1,060 per tonne previously.
Offers from Turkish mills were at $1,030-1,070 per tonne fob, but no deals were heard because of the holiday season at most of the export destinations for Turkish HRC.
Ukraine sold HRC to Turkey at $948 per tonne cfr during the week, while Russian offers were at $950 per tonne cfr.
Chinese material was offered at $1,070 per tonne cfr, but the price was considered too high for current market levels, sources said.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr main port Turkey was $948-950 per tonne on Friday 30, narrowing upward by $13 week on week from $935-950 per tonne.
CRC was offered from China to Turkey at $,1,220 per tonne cfr, but this price was too high for buyers.
No new prices for CRC were heard from the Commonwealth of Independent States.
Fastmarkets’ weekly price assessment for steel CRC import, cfr main port Turkey was unchanged week on week at $1,135-1,170 per tonne on Friday.
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