Turkish HRC exports rise in April

Turkish hot-rolled coil (HRC) exports increased by 50pc on the year to 320,000t in April, supported by stronger buying in Italy, Spain and the US.

In Europe — despite a slight correction in prices — Turkish exporters benefited from high domestic HRC prices, which opened up arbitrage opportunities.

In the US, President Donald Trump's move to impose 25pc tariffs on all steel imports created a more level playing field for Turkish mills.

This week, the US raised tariffs on steel product imports to 50pc, which is likely to close the door to Turkish supply.

April was the sixth consecutive month in which Turkish HRC exports rose on the year.

Cold-rolled exports fell by just under a quarter to 55,000t, while hot-dip galvanised supply slowed by 40pc to 70,000t.

Spain received the heaviest volumes of Turkish cold-rolled and galvanised products in April. But deliveries to closer neighbours Ukraine and Romania slowed.

Rebar exports increased by 6pc to 290,000t, with Chile emerging as the main destination. Wire rod exports rose by 16pc to 50,000t. Looking ahead, Donald Trump's promise to lift all US sanctions on Syria could boost long steel sales to the Middle Eastern country.

Turkey's HRC imports slowed by 35pc on the year to 260,000t because of depressed domestic prices and scant demand for downstream products for export.

Cold-rolled and hot-dip galvanised imports rose by 8pc and 9pc, respectively, to 84,000t and 140,000t, while semi-finished product imports fell sharply. Semi-finished imports are expected to rise in May, as billet and slab bookings picked up around March, when import scrap prices peaked at $360-380/t cfr Turkey.

By Carlo Da Cas