Local steel plate prices in Aliaga have dropped by about 6% during the past couple of weeks, which has resulted in some of the major steel mills and scrap buyers to stop any buying activities over the last week.
Rumor has it, a further drop in steel prices is expected in the coming weeks, something that has consequently left many end buyers concerned about their positions on available tonnage, as they are no longer able to maintain their speculative prices, which were witnessed earlier this month.
Despite the local demand persisting, some of the key fundamentals affecting prices i.e the steel prices and the currency exchange, have not been favoring the Turkish buyers for the past few weeks.
With the Turkish Lira having depreciated further this week and local steel plate prices collapsing, levels on offer are now approximately USD 5 per MT lower with some expectations they will drop another USD 5 per tonne in the next week.
Source: steel guru. 23 September 2014