European demand supports Turkish mills’ July HRC exports

European demand, especially from Italy, supported Turkish mills’ HRC export volumes in July. This was despite the European Commission’s announcement Jan. 7 of provisional anti-dumping duties of 4.8%-7.6% on imports of HRC from Turkey for six-months, followed April 23 by definitive duties of 4.7%-7.3%, effective July 1.

Turkish mills’ overall HRC export volumes however, remained 80,000 mt lower than the same month the previous year, as exports to some of Turkey’s main HRC export markets remained below last year in July, amid trade barriers, S&P Global Platts observed from the latest monthly Turkish Statistical Institute (TUIK) data.

Turkish mills exported 43,500 mt of HRC to Italy in May, up by 16% on year, while exports to Spain totaled 26,300 mt, 20,000 mt lower on year.

Turkish mills’ July HRC exports to Portugal reached 27,100 mt, fourfold higher year on year, while exports to Belgium totaled 19,700 mt, around double on year.

Turkish mills also exported 17,600 mt of HRC to Greece in July, while exports to Egypt reached 15,400 mt.

Turkey’s other HRC export destinations in that month were: US (11,800 mt), Israel (8,600 mt), Canada (6,800 mt) and Albania (6,000 mt), the latest data showed.

Turkish mills’ hot-rolled coil prices, which reached as high as $1,200/mt EXW as of end-May, fell gradually week on week since that day. Some Turkish mills have pulled down their offers to as low $950-$960/mt in recent days, on slow demand, cheaper imports and lower raw materials pricing.

— Cenk Can