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Turkish CRC/HDG spread hits bottom as CRC prices jump

пятница, 04 декабря 2020

As Turkish cold-rolled coil prices jumped in recent weeks amid a shortage in the market, the range between Turkish hot-dip galvanized (HDG) and cold-rolled coil (CRC) prices have hit bottom to as low as $20-$30/mt and even lower in recent days.

Although Turkish mill offers to the domestic market for 0.5 mm thick HDG have remained relatively flat generally around at $880/mt ex-works, 1mm thick CRC offers in Turkey rose as high as $840-$870/mt, amid shortages, Platts learned from various market sources Dec. 4.

A major Turkish pipe producer executive told Platts Dec. 4 that they have recently received a CRC offer from a Turkish producer for April as high as $870/mt, while a coated coil producer source said their CRC order books are currently closed, but they are offering 0.50mm HDG at $880/mt ex-works.

These offer prices are reflecting only a $10/mt difference between CRC and HDG offers in Turkey. This difference was previously generally around $80-$100/mt.

In contrast, the price difference between Turkish HRC and CRC offers has reached $150/mt and above in recent weeks, despite the ongoing rise in HRC prices.

Turkish HRC producers raised offer prices further to both the domestic and export markets for March and April deliveries to $695-$715/mt on Dec. 4, depending upon producer and tonnage, Platts learned. The rise in Turkish mills' HRC offer prices has exceeded $180/mt since the beginning of November.

"HRC deal prices are currently in the range of $690-$700/mt ex-works. We could open our Mach order books next week," a Turkish HRC producer source told Platts Dec 4, adding that as most big producers already filled their March CRC order books, only spot offers were available.

A Turkish pipe producer source said Dec. 4 that the latest HRC deal he heard was $690/mt ex-works for a March rolling of 40,000 mt.

Mill HRC price offer levels rose after that deal, sources said. A major producer offered HRC to a pipemaker at $710/mt for March rolling on Dec. 4. But the producer didn't accept it, Platts learned from the pipe mill.

As the price difference between Turkish mills HRC and CRC offers reached $130-$150/mt in recent weeks amid shortages, some corrections could be seen in CRC prices after the shortage eases. However, HRC prices could continue rising amid the ongoing rises in scrap costs, shortages and globally higher steel pricing, sources said.

Import HRC and CRC suppliers are also expected to enter the Turkish market with higher prices in the coming days in a bullish sentiment.

-- Cenk Can

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