Sentiment in Turkey's flat steel market remained negative in the week to Friday October 19, but the possibility of a reduction to import duties in the United States has brought hope to the market, sources told Fastmarkets.
US president Donald Trump doubled the import tariffs on steel and aluminium from Turkey on August 10, with the duty on aluminium rising to 20% and that for steel imports rising to 50%.The decision was made at the height of tensions between the two countries over the detention of US evangelical pastor Andrew Brunson, and the value of the Turkish lira - which had already been falling in the week's prior to Trump's announcement - fell further as a result.Brunson was released on October 12 and the lira has been regaining ground ever since.The lira was trading...