Since a negative bias has persisted in both demand and the hot rolled coil (HRC) market even though no declines have been seen in mills' prices, Turkish flat steel spot traders have decided to keep their offers the same for the week. Market participants, however, predict that, if the trade situation remains the same, prices will drop even further with the conclusion of the end-of-Ramadan holiday.
“There is no movement in the spot market, and it appears that it will continue this way until the end of the holiday, but, if demand does not improve, another decline is probable,” a trader commented to SteelOrbis.
As a result, this week's workable domestic hot rolled sheet prices are stable week on week at $665-680/mt ex-warehouse. According to reports, bigger and medium-sized traders have chosen to offer at about $670-680/mt ex-warehouse, while smaller traders continue to keep their offers at $665/mt ex-warehouse.
A similar stability has been observed in the cold rolled sheet market, with the majority of traders quoting stable prices week on week at around $800-830/mt ex-warehouse.
However, certain traders are not waiting until after the holiday and have offered prices at $780-790/mt ex-warehouse, lower than the current market levels.