The recent surge in hot rolled coil bookings from China has prompted Turkish buyers to explore options with domestic mills, although this activity has not been sufficient to bolster overall demand and prices in the country. Domestic steel consumption challenges persist due to increased imports and limited exports, leading domestic producers to adjust prices and production strategies. Despite securing significant volumes of HRC from China at $555/t cfr Turkey, Turkish mills are holding firm at $650/t ex-works, anticipating delays in shipments that could benefit domestic pricing, according to Kallanish Commodities.

Turkey's steel mills are refraining from exports due to pricing disparities with European buyers and internal cost considerations. Market observers predict finalization of May shipments before April 5th, coinciding with the Eid holiday and municipal elections on March 31st. In a surprising move ahead of local elections, Turkey's central bank raised interest rates by 500 basis points to 50%, aiming to address inflation concerns, which briefly boosted the lira but had limited impact on the steel trade.