Turkey Suspends Exports Of Hot Rolled Coils And Purchases Cold Rolled Coils From China

Import indications from Spain and Italy have reached $1,080/tonne fob, excluding duties for the highest-duty-paying producer, meaning others can sell at $1,100-1,110/t fob, aparticipant says. Although one mill still has September-rolling availability, another one is "closing September today", as demand in the domestic market is through the roof in the last two days before the country enters Eidholidays on Wednesday.

The market is not anticipating any export sales this week, "unless they are in a considerably higher price range than the domestic market", another source tells Kallanish.

Meanwhile, prices of CRC have reached $1,400/t ex-works, but with availability so low, there are hardly any sales, while HDG is at $1,370-1,380/t ex-works/fob for commercial grades. CRC is not exported widely, but some HDG sales are taking place, although at a slower pace, as producers are holding the material in view of renewed increases, sources note.

Meanwhile, China's announcement of retaining its VAT export rebate for CRC and HDG is producing export offers of CRC and full-hard at an almost impossibly low $950/t fob, grossing at $1,050/t cfr. Freight is at up to $100/t, due to low available volumes and trade. But Turkish galvanisers are booking all available volumes, in the knowledge these prices will not last, sources note.