Domestic long steel market in Turkey struggles with dramatic loss in lira's value

Turkish domestic long steel prices have rocketed upward following the slump in the exchange-rate value of the country’s lira in recent weeks, market participants told Fastmarkets on Thursday November 25.

The Turkish lira has been suffering recently because the country’s central bank cut the benchmark interest rate in both October and November.
The lira plunged against the US dollar after the bank’s monetary policy meeting on November 18. The bank cut the benchmark interest rate by another 100 basis points to 15%.

The lira had already been losing ground against the dollar after the bank...


Cem Turken

November 25, 2021

14:55 GMT