Turkish coated coil prices down due to economic uncertainty

Prices for coated coil decreased in Turkey during the week ended Friday November 26 due to uncertainty in the country’s economy and weak demand in export markets, sources told Fastmarkets.

The Turkish lira has been losing value recently because the country’s central bank cut the benchmark interest rate in both October and November.

The currency was trading at 11.9630 lira to $1 on November 26, compared with 10.520 lira to $1 on November 18, according to exchange rate website Oanda.com.

Buyers were therefore hesitant to book big quantities of material because steel sales...

Published

Serife Durmus

November 26, 2021

17:17 GMT

Bursa