Turkish mills have been trying to increase prices slightly in recent weeks as prices in the Far East and Europe have been struggling to stand upright, but the market has not accepted the prices and traders who are reluctant to buy said that hot rolled coil is going through one of the most difficult periods. Market representatives told SteelRadar that although the factories' production cuts have halted the price slide, it is not a good decision to buy from the factory again as the demand for finished products is insufficient.
Spot (trader-internal market) HRC (hot rolled coil) average prices in Turkiye were seen as follows on 24 October, according to regions;
Marmara Region prices; $670
Aegean Region prices;685$
Iskenderun Region prices; 660$
Depending on the regions, decreases of -$5 to -$10 were felt.
Domestic hot rolled coil (HRC) factory prices were heard at $640 from a producer in the Aegean Region, $650 from a producer in the Marmara Region and $650 from a Black Sea-based producer.
Export offers for hot rolled coil (HRC) ranged between $610-620. It was rumoured that an Iskenderun-based producer offered lower prices.
In the second week of October, Indian mills had stopped export offers of HRC coils to Southeast Asia and the Middle East (ME). The mills had increased domestic HRC prices by $9 to $25 per tonne, bringing some movement to the market. The price hike weakened exports and intensified the domestic market activity. This week, however, global customers said that there were no offers from India with dealable prices, while demand in the Middle East and European (EU) markets remained weak.
China's hot rolled coil prices were also lower last week. Export offers for hot rolled coil (SAE1006) decreased by around $10/ton to $575-580/ton amid the Golden Week holidays in China. (CFR UAE)
In Chinese markets this week, offers decreased by $8 to $515 from $523. Although traders in the spot market have been trying to push prices higher, this slight rebound is expected to be short-lived in the absence of expected demand.
Moreover, hot rolled SAE1006 offers from Japan and South Korea have been in the range of $610-615/ton CFR ME. In the new week, offers are also seen $6-7 lower or $6-7 higher.
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