Flat steel prices in the Turkish market continued to increase sharply in the week to Friday December 11, on strong demand, low stock levels and expectations that prices will rise further, sources told Fastmarkets.
Most flat steel buyers believe prices have more room to increase because of strong demand and prices in the global market.
Fastmarkets' daily index for
steel hot-rolled coil index export, fob main port China reached $647 per tonne on Friday, up $47.96 per tonne from $599.04 per tonne a week earlier.
In addition, most Chinese producers have limited quantities to offer for export due to strong local demand, traders said.
As most global steel prices tend to follow the trend of Chinese steel, Turkish market participants are expecting prices toincrease further.
Production costs also continued to increase this week.
Fastmarkets' daily index for
steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $392.66 per tonne on Friday, up from $352.47 per tonne a week prior.
Most end users have low stocks and were offering limited...