Turkish mills’ cold-rolled coil (CRC) exports rose 85% on the year to 703,500 mt in 2021 on high demand, especially from South Europe, according to the latest monthly Turkish Statistical Institute (TUIK) data seen by S&P Global Platts.
The decline in demand from export markets in 2020 amid the pandemic is another reason for the sharp year-on-year rise in 2021, sources said.
Italy remained Turkey’s main CRC export market by far in 2021 at 214,400 mt, three-fold higher on the year, while Spain was Turkey’s second-largest CRC buyer during that period at 80,000 mt, up 77% on the year.
Turkish mills’ CRC exports to Belgium also rose strongly to 80,000 mt in 2021, more than triple the previous year.
The US became Turkey’s fourth largest CRC customer at 61,000 mt in 2021, considerably higher than 17,500 mt in 2020.
Turkish mills also shipped 45,100 mt of CRC to Canada in 2021, more than three-fold higher on the year, while shipments to Bulgaria totaled 36,800 mt, double year on year, the latest data showed.
Although Turkish mills’ CRC offer prices saw a strong rise in the last three weeks on firm demand and high input costs, Turkish mills have begun offering around $10-$20/mt lower prices in recent days as demand slowed down and prices in China began showing some declines, sources said.
A service center manager told Platts that he had received a $20/mt lower price from a major Turkish flat steel producer at 1,140/mt EXW on Feb. 15.
“Hope that price declines will be gradual. Otherwise it could harm the market balance,” he said.
— Cenk Can