This week, flat steel spot traders in Turkey have chosen to marginally raise offers even though hot rolled coil (HRC) prices have been stable and demand continues to struggle. According to market players, an upward trend will be inevitable in order to maintain normal financial levels, as a result of the announced import duties and rising costs after the announcement of the hike in minimum wages.
“There was an expectation of an increase in prices at the beginning of this week due to these import taxes. In addition, we observe that the market is becoming more expectant as a result of rising costs brought on by factors like increased minimum wages. So, we chose to raise our pricing as a result of the aforementioned effects,” a large trader commented to SteelOrbis.
As a result, this week’s workable domestic hot rolled sheet prices have increased by $10/mt week on week to $730-750/mt ex-warehouse. While medium-sized and smaller traders are offering at roughly $730-740/mt ex-warehouse, bigger traders are offering at around $750/mt ex-warehouse.
Similar patterns have been observed in the cold rolled sheet market, where prices have risen from $840-880/mt ex-warehouse to $850-880/mt ex-warehouse. However, a few suppliers offer far higher than the acceptable levels, at $890-900/mt ex-warehouse.