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Sheet prices down a further $10/t in Turkey, outlook unclear - 19 June 2012

Turkish flat steel producers have lowered their prices $10/tonne for August production. Demand is still weak and not expected to pick up in the short-term owing to continuing economic worries in export markets, most notably Europe. However, stock levels of flat steel in Turkey are very low as few bookings have been made since prices started to decline in the first quarter.

Locally produced hot rolled coil is now offered at $620-630/tonne ex-works, $10/t lower than last week. Ukrainian HRC imports are offered at as low as $550/t cfr, while European material is at $600/t cfr. A market player told Platts Steel Business Briefing Turkish producers have reduced their prices because they want to discourage imports; however, some cargoes were recently booked from Ukraine by Turkish pipe producers.

This year is thought to be a “follow up” of the 2008/09 economic crisis, and the market is avoiding building up high stocks, one participant said. There will be no concrete improvement before European and Middle Eastern buying picks up, he added.

 

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