Even if overall sentiments remain bleak due to limited demand, domestic financial issues and the impending holiday, the majority of Turkish flat steel traders have chosen to maintain prices unchanged over the past week. Moreover, based on the statements made by market participants, the scrap market has shown some improvement, contributing a little to the stabilization of flat steel spot prices. Prices are predicted to remain stable after the holiday, but, if demand remains minimal, a decline will be inevitable.
In accordance with this week’s workable prices, which are at $640-650/mt ex-warehouse, the bigger dealers are reported to be offering at about $640/mt ex-warehouse, while medium-sized and smaller traders are offering at roughly $650/mt ex-warehouse.
“As the holiday draws near this week, there has been no change in prices or business activities. In fact, demand has declined even further. However, given the upward trend of scrap and the approaching holiday, it is unlikely that prices will change before the holiday is over,” a bigger trader said SteelOrbis.
Meanwhile, in the cold rolled sheet segment, most sellers have decided to keep offers stable at $770-780/mt ex-warehouse compared to the previous week.