The market reversal and low import and export data point to a tightening in the global market for flat rolled products.
As the outlook continues to weak, the high cost of holding stocks is cited as one of the main reasons for the lack of demand in the markets.
According to market representatives, spot markets in Türkiye recorded decreases between -$10 and -$20.
October 16, 2023 Spot HRC (hot rolled coil) prices by region, as assessed by www.steelradar.com, are as follows;
Marmara Region prices; 670-680$
Aegean Region prices; 690-700$
Iskenderun Region prices; 660-670$
Factories also recorded decreases this week. Looking at the Türkiye average, producers were heard to have offered ex-works prices of $640-660 (November-December delivery). Compared to last week, a decrease of around $20 was felt. Market representatives also informed SteelRadar that discounts were offered on tonnages. It is claimed that HRC's export offers were as low as $610.
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