Turkey’s May HRC exports slump, Italy remains top market

Turkish mills exported 185,000 mt of hot-rolled coil in May, down 34% year on year, while Italy remained top market at 31,200 mt despite a 66% decline, as safeguard measures continued to limit Turkish mill exports to the European Union.

According to the latest Turkish Statistical Institute (TUIK) data, following Italy, the Balkan region was Turkey’s main HRC export destination in May, with Bulgaria, North Macedonia and Albania buying 22,800 mt, 20,600 mt and 13,000 mt, respectively.

Algeria received 12,900 mt in May, while Turkey’s other HRC export markets in that month were Egypt at 11,700 mt and Iraq at 11,500 mt, the data showed.

Revenue generated from these exports was at $197 million in May, amid fluctuations in HRC pricing.

Turkish HRC prices, which exceeded $1,200/mt in March, started to decline gradually from mid-April due to slow demand and low-priced import offers.

Turkish domestic HRC was assessed by Platts at $700/mt FOB on July 1, down around $500/mt since mid-March, according to S&P Global Commodity Insights data.

— Cenk Can