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Turkish HRC sold for export with significant price cuts

Turkish HRC exporters achieved some big sales after significant price cuts. Now, the suppliers are trying to increase prices. 
Two major Turkish producers were said to sell a total of around 120,000-130,000 t HRC to external markets. Sales to Europe (Italy, Spain, Portugal) were mostly closed at $410-420/t FOB, base, while a contract to Canada was signed at a higher level of $435/t FOB (20,000-25,000 t). There were also a few deals, around 30,000-35,000 t in total volume, to Thailand at $430-435/t FOB, and a sale to an Egyptian re-roller at $430/t FOB. The new range of deal prices to foreign customers thus dropped $20-40/t compared with the beginning of the month. Afterwards, the Turks, however, announced increases for late-April production, bringing the offer prices to $430-440/t FOB. Yet, no contracts at this new level were heard so far. 
HRC export recovery was the first positive change in the market after a long time of weakness. It could help Turkish mills reverse the downward trend. Turkey's domestic HRC customers have been successfully pushing prices down for a while now, given weak exports. "Now when very significant HRC volumes were sold to export, producers will try to resist the further downturn," a Marmara mill told Metal Expert. A seasonally stronger demand is also expected to support suppliers in their upward attempts in March. 
Source: metalexpert-group.com
Mar 8, 2015 10:17
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