TURKEY FLAT STEEL WRAP: All prices up in May; June moves hang on global trends

Turkish prices for flat steel products increased during May 2021, but the direction of price movements in June will depend on global price trends, especially in China, sources told Fastmarkets on Wednesday June 2.

Market participants did not expect any price decreases, though. Steel prices in China did decrease from April until May 27, but they then started to rise again.
Hot-rolled coil export prices from China started to fall on May 13 due to the government’s call for stable commodity prices.
But on May 28, prices rose by $26.81 per tonne amid uncertainty about whether China was imposing an export tariff on HRC.
Fastmarkets’ steel HRC index, export, fob main port China, was calculated at $910.61 per tonne on June 2, up from $880.59 per tonne on May 27 but down from the 13-year high of $1,062.37 per tonne on May 12.
Because China controls more than 50% of the global steel market, market participants in Turkey wanted to wait and see the next step from the East Asian country.

Demand was strong in Turkey’s local and...


Serife Durmus

June 02, 2021

16:37 GMT