Turkey's biggest steel producer, Erdemir Group, sold 1.937 million tonnes of flat steel products in January-March 2018, up by 9.19% from the 1.774 million tonnes sold in the corresponding period of 2017, the group said last week.
The group reported earnings before interest, taxes, depreciation and amortization (Ebitda) for January-March 2018 of TRY1.67 billion ($411.91 million*). This was up by 25.92% from Ebitda of TRY1.33 billion ($327.13 million*) reported for January-March 2017.The average market price for hot-rolled coil (HRC) - one of the group's principal products - in the first quarter of 2018 was $630 per tonne, Erdemir said.Metal Bulletin's quarterly average price for domestic HRC in Turkey was $645.58 per tonne ex-works in January-March 2018."Continued tight capacity, a weak Turkish Lira, high steel prices and softer input costs drove another solid quarter for Erdemir in the first quarter, and this performance is likely to [continue] at least into the next quarter," an analyst said.Steel prices...