Global weakness in flat steel markets during the holidays - Democracy Day was on July 15 in Turkey, and the Ei al-Adha holidays took place from July 19-24 - sparked the decline in prices.
Turkish hot-rolled coil producers are currently accepting orders for October production.
But prices could increase soon following China’s decision to cancel additional steel export rebates
, sources said.
Fastmarkets’ steel hot-rolled coil index export, fob main port China
was calculated at $923.95 per tonne on August 3, up by 9.23% from $845.90 per tonne on July 1.
Sources said Turkish flat steel imports could also decrease after Russia’s decision on June 26 to impose temporary export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU). These are set to take effect from August 1-December 31