Turkish hot rolled coil selling figures have decreased in July, according to MEPS International. Both domestic and overseas demand is lackluster.
Confidence, in the commodity plate market, has weakened. Cautious stockiest are expected to pursue conservative procurement programmes in the short term.
Wire rod transaction values have been cut. Turkish buyers still preferred to delay bookings, in anticipation of further price concessions from domestic suppliers. Meanwhile, underlying demand for structural sections has stalled.
Rebar selling figures have continued to decline since late June, shadowing the fall in the cost of key steel making raw materials – particularly, ferrous scrap and imported billet.
End-users have begun to press for lower prices, in view of the downward movement being witnessed in other global steel markets.
Negative price expectations have gained momentum for merchant bar. Local end-users have deferred bookings, in anticipation that no price trend reversal will happen in the near term.
Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)