Turkish H1 crude steel output down by more than 10%

Turkey produced 16.994 million tonnes of crude steel in January-June 2019, down 10.14% on the 18.912 million tonnes produced in the first six months of 2018.

According to the Turkish Steel Producers Association (TÇÜD), the fall in output was largely due to the negative sentiment that has been dominating Turkey’s domestic steel market since August 2018 when the country’s lira lost significant ground against the dollar after the United States doubled the tariffs on steel imported from Turkey.  Since US President Donald Trump cut the duty back to 25% on June 17 this year, sentiment has improved slightly, but the country’s currency remains weak even though it has gained some value recently. The Turkish lira was trading at 100 to $17.5498 on Wednesday July 24, down from 100 to $21.0154 on July 24, 2018, but higher than 100...

Published

Serife Durmus

July 24, 2019

14:19 GMT

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