Turkish mills’ CRC export volumes, which sharply increased year on year in the first month of 2019 to 85,780 mt with the support of strong sales to Europe, particularly Italy, fell notably in the second month of the year to 34,230 mt. This export figure was, however, still higher than the 21,820 mt exported in the same month the previous year.
According to the latest Turkish Statistical Institute (TUIK) data sent to S&P Global Platts, Spain became Turkey’s main CRC export destination in February at 11,600 mt, while Italy was second at 9,280 mt, down from 50,000 mt the previous month. Turkey’s CRC exports to these two EU countries constituted 61% of its total CRC exports in February.
Turkish mills, however, shipped no CRC cargoes in February to what had been one of its main export markets, the US, for the sixth consecutive month, amid the doubling of US Section 232 tariffs against Turkish steel in mid-August of last year.
Despite the tariffs, the US remained Turkey’s main export CRC market last year at 144,150 mt, as reported.
Turkish mills also exported 2,300 mt of CRC to Portugal in February, while exports to Iraq also totaled 2,300 mt, the latest data showed.
Turkish mills’ domestic and export CRC prices, meanwhile have begun to soften in recent days, in line with mills’ HRC pricing, due to slowed demand both in the domestic and export markets.
Turkish mills’ CRC offers to the domestic market were generally in the range of $590-$610/mt ex-works Monday, depending upon tonnage and origin, while mill export offers were around the same range, both $20/mt lower than the beginning of the month.
— Cenk Can