Market participants did not expect any price decreases, though. Steel prices in China did decrease from April until May 27, but they then started to rise again.
Hot-rolled coil export prices from China started to fall on May 13 due to the government’s call for stable commodity prices
But on May 28, prices rose by $26.81 per tonne amid uncertainty about whether China was imposing an export tariff on HRC
Fastmarkets’ steel HRC index, export, fob main port China
, was calculated at $910.61 per tonne on June 2, up from $880.59 per tonne on May 27 but down from the 13-year high of $1,062.37 per tonne on May 12.
Because China controls more than 50% of the global steel market, market participants in Turkey wanted to wait and see the next step
from the East Asian country.
Demand was strong in Turkey’s local and...