Posted on 29 Sep 2023
Turkish flat steel producers are contending with weakened demand, compounded by competition with Asian suppliers domestically and in foreign markets, market participants inform Kallanish.
Turkish domestic hot rolled coil prices widened down to $650-670/tonne ex-works by Thursday, compared with $660-670/t a week earlier.
In the export market, prices continue to be under pressure due to competition from Asia, particularly in the EU. Only 40% of the EU’s third-quarter quotas assigned to Turkey for HRC have been utilised. High costs, duties, and lower Asian prices have persisted, rendering Turkish offers less competitive in European markets (see Kallanish passim).
In imports, however, some activity has been observed from South Korean suppliers, who have concluded deals for HRC and hot-dip galvanized coil, including long-term contracts for automaking. Initial HRC offers were at $600/t cfr Turkey; however, Kallanish understands this price is negotiable.
Chinese suppliers have now started the Golden Week holiday. Their offers were reported at $585/t cfr Turkey earlier this week.
Source:Kallanish
