The decline in the exchange-rate value of the Turkish lira hurts the long steel market because that is the currency used for trading in such commodities. The flat steel market, meanwhile, conducts its trades in US dollars.
The mayoral elections were held on March 31, with some unexpected results. The ruling Justice & Development Party (AKP) won the majority of votes for mayors across the country, but lost out in the key cities of Ankara, Istanbul, Adana and Antalya, where the opposition Republican People’s Party (CHP) triumphed.
After a dispute, members of the country’s Supreme Election Council (YSK) accepted the objection put forward by the AKP to the Istanbul poll, and scrapped that result on May 6. The Istanbul election will now be re-run on June 23.
But the news of this re-run led to the lira losing more ground against the dollar, because of international...