Türkiye's hot rolled steel producers continue to reduce prices, outlook pessimistic

Starting the last week of March with a downward trend, Turkish hot rolled coil prices continued to decline both at the mills and in the spot market. In the last week of March, Turkish hot rolled coil producers posted the lowest figures of 2024.

While producers shared list prices between 640-670 USD for April-May deliveries, it was learned that some producers were offered up to 630 USD by buyers with discount rates.

Export offers were also heard around 610-630 USD for April-May deliveries. The realized connection figure was not reflected on the market.

In the spot market, prices were considered valid in the range of 670-690 USD, although prices varied by region. The lowest price in Iskenderun Region for the spot market was heard at USD 660, while it was learned that there were buyers who found this figure rare.

On average, spot hot rolled steel sheet prices were reported at 680 USD in the Aegean Region, 675-690 USD in the Marmara Region and 670 USD in the Iskenderun Region, with the lowest price at 660 USD.

Market representatives told SteelRadar that the pessimistic outlook for flat rolled coil continues, adding that sales have reached a standstill level and there may be a more clear outlook after the Turkish local elections and the religious holiday.

The market representative added that even after all these developments, the market's positive outlook may not be realized until the third quarter of the year under favorable conditions.