Flat Rolled Steel Market Activity Remains Slow in Turkey But Prices Are Stable

Flat rolled steel market activity remains slow in Turkey but prices are stable due to strong scrap prices and high production costs, as well as high import offers, Steel Business Briefing is informed by market players. Sheet prices are expected to increase $10-20/tonne towards mid-August as stock levels are low and consumption is likely to increase after the summer and Ramadan Eid holidays. Hot rolled coil is offered by local producers at $730-760/t, although a large quantity was recently sold at $720/t, SBB learns. Offer prices are not expected to decrease, however, as import offers to the country are pegged at $700-720/t cfr. There is a 9% duty on HRC imported into Turkey. A Turkish distributor points out that stock levels in the country are low because buyers are avoiding building inventory. There will be some shortage of HRC when demand improves by September, he believes. Source: steelbb.com