China Has Become The Largest Source Of Hot-Rolled Coil Imports For Turkey

On May 28th, Turkey held its final round of elections, and the incumbent President Erdogan was reelected. However, the local demand has not yet recovered, and the ex-works prices for producers are at $690-700 per ton.

Despite the continuous decline in domestic prices of hot-rolled coils in Turkey since the end of March, the prices remain higher than some imported resources. According to data released by the Turkish Statistical Institute (TUIK), Turkey's hot-rolled coil imports in April amounted to 391,000 tons, with a year-on-year increase of 2.5 percent . The main importing countries were China (100,000 tons), Russia (99,300 tons), India (21,500 tons), Japan (20,500 tons), South Korea (19,600 tons), Vietnam (19,500 tons), and France (13,200 tons). China accounted for nearly 30 percent of the imports due to its significant price advantage, with a price difference of up to $100 per ton compared to domestic prices in Turkey. Looking ahead, with Turkey imposing additional tariffs on sheet metal since May 1st and the expected further depreciation of the Turkish lira in the coming weeks, local import volumes may decline.

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