TURKEY FLAT STEEL WRAP: Prices rally mid-June with modest buying activity

Most Turkish flat steel prices hit a monthly peak on June 12, following feedstock prices, before edging back down when buyers concluded their procurement activity, market participants told Fastmarkets on Thursday July 2.

Turkish flat steel producers are fully booked until mid-September.
Feedstock scrap prices fluctuated in June. Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey reached an intra-month high of $267.66 per tonne on June 12, against a month-low of $257.04 per tonne on June 1.
Prices rose at the start of the month after Covid-19 restrictions eased, allowing for more deep-sea cargo purchases to take place.
By the end of the month, scrap buying interest from mills faded due to soft markets for finished steel.
Crude steel output
Turkey produced 13.5 million tonnes of crude steel in January-May 2020, down by 5.6% from January-May 2019, according to the Turkish Steel Producers’ Association.
Domestic prices
HRC, CRC

Turkish hot-rolled and cold-rolled flat steel prices rallied at the start of June due to strong buying, but tapered off from...

Published

Serife Durmus

July 02, 2020

16:22 GMT

Bursa