TURKEY FLAT STEEL WRAP: Local demand weak but exports remain strong

Demand for flat steel in Turkey was expected to remain slow throughout October, but prices were not expected to fall because they did so in September, and export demand was now strong, market participants told Fastmarkets on Wednesday October 3.

Local producers have filled their order books until November, they said. The price falls in September were in part a result of the Turkish lira losing a significant amount of value during August, after United States President Donald Trump announced higher tariffs to be applied to his country’s imports from Turkey, doubling them to 20% on aluminium and 50% on steel. “I have just authorized a doubling of tariffs on steel and aluminium with respect to Turkey as [its] currency, the Turkish lira, slides rapidly downward against our very strong dollar,” Trump said on social media on August 10. “Aluminium will now be [subject to duty at] 20% and steel [at] 50%. Our relations with Turkey are not good at this time,” he added. The Turkish currency was trading at TRY100 to $16.69 at the time of publication on October 3. It had been trading at TRY100 to $19.82 on August 3 this year,...

Published

Serife Durmus

October 03, 2018

19:26 GMT

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