Turkish HDG, CRC prices remain under pressure
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Turkey’s domestic cold rolled and hot-dip galvanised coil prices remained largely unchanged in the past week, but lower-priced Russian CRC imports encouraged Asian suppliers to cut their offer indications.
Turkish mills continue to offer and sell CRC at $1,240-1,270/tonne ex-works, up around $10 versus the start of August, with some October and spot volumes still available. But domestic trade is trickling slowly after CIS-origin import transactions at $1,080-1,090/t cfr Turkey forced Indian suppliers to reduce their offers by around $40/t to $1,120/t cfr, Kallanish learns from market participants.
Turkish CRC export offers remain at $1,230-1,270/t fob, with sales slow due to ongoing holidays in Europe and China's influence. However, more enquiries are reported from the regions relying on Chinese and Asian supply, in both western and eastern hemispheres, including the Americas, Middle East and North Africa.
Ongoing uncertainty over China's external steel trade policies and its influence on global demand persists; however, small parcel sales to North America were concluded at $1,300-1,320/t fob Turkey equivalent, in the past two weeks, sources say.
Meanwhile, HDG sales remain in the domain of exports to North America, at prices and volumes unchanged on last week. Alternative trade is almost nil, as European buyers are weary of the possibility of retroactive anti-dumping duties being applied after the investigation is concluded. The domestic market is well supplied, with uncertainty and ample availability preventing Turkish buyers from stocking up much further ahead.
Sales to North America were being made at around $1,350-1,370/t fob equivalent for 0.5mm Z100 grade material, while lower, $1,320-1,350/t fob offers to Europe remained unsold. Similarly-priced domestic offers were also largely unrequired, while mixed sentiment, driven by China, is maintaining pressure on prices.
Katya Ourakova UK