In addition to the falling prices, low demand from the automotive sector because of the semiconductor chip shortage also affected buying in Turkey. Several carmakers in the country were undergoing temporary shutdowns due to the lack of chips.
“The shortage of semiconductors is expected to affect the global automotive industry deeply. The total loss will reach about $250 billion globally,” one Turkish source said.
The shortage was also affecting steel demand in Europe
The stock levels for flat steel in Turkey were also...