The market was slow because of the uncertainty before the local elections in Turkey scheduled for March 31.
Furthermore, scrap and iron ore prices have been decreasing, leading to an expectation that flat steel prices will fall further, sources said.
Fastmarkets’ latest index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was calculated at $390.27 per tonne on Thursday February 29, down by $16.36 week on week from $406.63 per tonne.
And Fastmarkets’ index for iron ore 65% Fe Brazil-origin fines, cfr Qingdao averaged $129.13 per tonne in the week to Friday, down by $6.05 per tonne from an average of $135.18 in the previous week.
Turkish producers were accepting orders for April and May production during the past seven days, Fastmarkets heard.
Domestic prices
Fastmarkets’ weekly price assessment for steel hot-rolled coil domestic, exw Turkey was $680-700 per tonne on Friday, widening downward from $690-700 per tonne on February 23.
Turkish HRC producers were offering around $680-700 per tonne ex-works during the week, but demand was limited, market sources said.
The latest price assessment for steel cold-rolled coil domestic, exw Turkey was $790-820 per tonne on Friday, down week on week from $800-830 per tonne.
Turkish producers were offering CRC with 1mm thickness at $790-830 per tonne ex-works during the past seven days, widening downward from $800-830 per tonne ex-works in the previous week. Market participants believed that $830 per tonne was too high considering current demand.
HRC exports
The export market for Turkish HRC remained slow during the past week, Fastmarkets understands.
Turkish producers were reportedly offering HRC at $670-690 per tonne FOB, but no major deals were heard.
Fastmarkets’ price assessment for steel hot-rolled coil export, fob main port Turkey was $670-690 per tonne on Friday, unchanged week on week.
Import prices
China reportedly offered HRC at $580-585 per tonne CFR, down from previous offers at $600-610 per tonne CFR.
No major deals were heard.
Fastmarkets’ weekly price assessment for steel hot-rolled coil import, cfr main port Turkey was $580-585 per tonne on Friday, down from $585-610 per tonne on February 23.
And Fastmarkets’ price assessment for steel cold-rolled coil import, cfr main port Turkey was $690-700 per tonne on Friday, unchanged week on week due to a lack of new prices in the market.