Domestic prices for hot-rolled coil in Europe inched down this week despite some higher offers for the material from Turkey, sources told Fastmarkets MB on Wednesday October 3.
"Turkish mills have been less aggressive with their offers to Europe,," a Southern European source said. "it seems that the reason behind it is the currency exchange-rate change."The Turkish lira has gained 7.56% against the euro over the past two weeks, according to exchange rate service Oanda.In addition, some market sources believe that Turkish steelmakers decided to increase their offer prices to offset any trade defence actions from the European Commission (EC). However, the EC has not made any moves in regard to starting an investigation into HRC imports from Turkey, according to market sources. Higher offers from Turkey are unlikely to have any great impact on domestic European prices, as the current offers for imported HRC are already competitive, particularly in the north...