The prices of scrap metal and iron ore are decreasing, which leads to the expectation of a further drop in flat rolled prices, sources said.
The latest Fastmarkets index for HMS 1&2 (blend 80:20) steel scrap from Northern Europe, CFR Turkey was settled at $390.27 per tonne on Thursday, February 29, down $16.36 for the week from $406.63 per ton
The Fastmarkets index for Brazilian-origin 65% Fe iron ore, CFR Qingdao, averaged $129.13 a tonne for the week to Friday, down $6.05 a tonne from the previous week's average of $135.18.
As reported in Fastmarkets, Turkish manufacturers have been accepting orders for April and May products for the past seven days.
Domestic prices
Fastmarkets' weekly price estimate for hot-rolled steel coil in the domestic market excluding exports to Turkey was $680-700 per ton on Friday, up from $690-700 per ton on February 23.
Turkish HRC producers offered about $680-700 per ton on self-delivery terms within a week, but demand was limited, market sources report.
The latest price estimate for cold-rolled steel coils on the domestic market (excluding exports to Turkey) on Friday was $790-820 per ton, down from $800-830 per ton last week.
Turkish producers have been offering 1mm CRC at $790-830 per tonne ex-works for the past seven days, down from $800-830 per tonne ex-factory the previous week. Market participants considered that $830 per ton was too high, given the current demand.
Export HRC
The export market for Turkish HRC remained sluggish last week, Fastmarkets understands.
It is reported that Turkish producers offered HRC at a price of $670-690 per ton FOB, but no major deals were heard.
The Fastmarkets price estimate for hot-rolled steel exports on terms fob the main port of Turkey on Friday was $670-690 per ton, unchanged week-on-week.
Import prices,
China reportedly offered HRC at $580-585 per tonne CFR, compared to previous offers of $600-610 per tonne CFR.
No big deals were heard of.
Fastmarkets' weekly estimate for imports of hot-rolled steel coil from Turkey's main port was $580-585 per tonne on Friday, compared with $585-610 per tonne on February 23.
And the Fastmarkets estimate of imports of cold rolled steel from the main port of Turkey on Friday was $690-700 per ton, unchanged on a weekly basis due to the lack of new prices in the market.
