Flat steel products remained quiet in the first week of May. Türkiye's spot hot rolled steel sheet prices started May at USD 660 and dropped to USD 650 in the same week. In the third week of May, the average price across Türkiye dropped by another USD 5 to USD 645. Prices varied across regions, with the lowest price recorded at USD 635 in Iskenderun Region. According to information provided to SteelRadar by market representatives, prices in the Aegean region were in the range of 670-680 USD. In the Marmara Region, offers in the range of USD 640-665 were reported to SteelRadar.
Ex-works offers from Turkish hot rolled coil producers were seen around USD 620-640. A Marmara-based producer offered USD 630 for June/July deliveries, while a company producing in the Aegean region offered USD 620-625 for June deliveries.
Although two Iskenderun-based producers reported list prices of $630-640 for June delivery, market representatives told SteelRadar that offers of up to $610 were made in Iskenderun for tonnages above 5,000. While the information was not confirmed by the producers, traders said that prices in the market have started to remain below the producers in Iskenderun, with some sellers informally offering lower prices to the market.
While the discount rates of the factories varied over the total tonnage, it was learned that export offers were even lower. Türkiye's hot rolled coil sheet (HRC) FOB prices were reported at USD 590, but no sales were confirmed. It is believed that sellers will continue to exchange goods at low prices if the market remains sluggish.
Sellers, who are strapped for cash after the restriction of loans, have difficulty in taking a firm stance when they meet with buyers due to the weakness of their hands.
(Source: Ayşenur Özçelik / SteelRadar Türkiye / 13.05.2024)
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