The country imported 507,580 tonnes of flat steel, compared with 791,553 tonnes in October 2017, TUIK statistics published on Friday November 30 showed.
The decrease in imports was because of weak demand for flat steel in the country, especially in August and September, after the political and economic tensions between Turkey and the United States increased because of the Middle Eastern country’s detention of US evangelical pastor Andrew Brunson.
On August 10, US President Donald Trump authorized higher tariffs on his country’s imports from Turkey, doubling them to 20% on aluminium and 50% on steel.
Turkey’s lira lost a significant portion of its exchange-rate value during those 2 months, and buying decreased in the steel market because of the uncertainty.
The lira fell to a low of TRY100 to $15.2525 on August 13, down from TRY100 to $20.3770...