Sheet metal products in the global market followed an upward trend last week. While there was a slight increase in some places according to the regions, there were sharp increases in some countries. With the effect of rising raw material costs and the recovery in the domestic market, Chinese companies that revised their export offers started to raise the lower limit.
American mills quickly took the lead and increased their hot-rolled steel offers by $200-300 per ton in February.
The source of the new growth was Turkey, where apparent demand for steel products has increased significantly in anticipation of the restoration work beginning.
Local businesses in the earthquake-affected areas resumed production, but it was seen in a table that Turkey would not do without imports. The government has postponed at least the deadline for the entry into force of the provision on increasing import duties on flat products from 27 February to 1 April.
At the same time, steel product prices, particularly those from metallurgical companies, rose.
Buyers aren't ready to pay more yet, as a classic trading rule, and slow down their purchases to show they don't agree to prices. This was particularly so for the US and Europe, where real deals were concluded on slightly different terms than those offered by manufacturers so far.
Significant challenges remain in the global economy. Therefore, it is too early to talk about sustainable growth.
Turkey spot market sheet prices were announced as follows;
In the Turkish sheet market, factories are making agreements with a deadline. In the spot market, HRC hit a bottom of $890 last week, while market acceptance was $900. Crc, on the other hand, closed last week with $1000 in the spot market, while today the trader-based average is $1100. Galvanized sheet, on the other hand, increased by +20$ to $1150 in the spot market. While HRC continues at $900 in Payas and its vicinity, it is traded at $930 in the Izmir market.
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