The weakening trend in prices continues in the Turkish steel market, while buyers’ refusal to accept high prices keeps sales under pressure. At the beginning of the week, some Turkish producers signaled potential production cuts; although production has not yet decreased significantly, worker layoffs have been reported at certain plants due to overcapacity.
Although U.S. sellers resist lowering prices, HMS 90:10 scrap sales were announced today at around 345 USD/t CFR. European sales are reported for HMS 80:20 at levels between 332-340 USD/t CFR.
The decline in interest for Chinese billets, despite their cost advantage, also stands out as another indicator supporting the overall market sluggishness. If this trend continues, the sector may enter a new weakening cycle. On the other hand, global geopolitical developments continue to influence the market.
This is a very sensitive and cautious period for market players. It is also noted that offers for the Baltic region are around 340 USD/t CFR, while for Europe, levels may be near 335 USD/t CFR.
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