Demand for flat steel in Turkey failed to improve in April, with most prices moving downward and with demand unlikely to improve significantly this month, market participants told Fastmarkets on Wednesday May 8.
Local producers have filled their order books until late June, they added.The price decreases in April were because of the weak demand in both the local and export markets.Mayoral elections were held across Turkey on March 31 but, after the outcome was disputed, the election in Istanbul will be repeated on June 23.The Justice & Development Party (AKP) the party of national government, won the majority of the votes for mayors, but principal cities such as Ankara, Istanbul, Adana and Antalya all elected mayors from the main opposition Republican People's Party (CHP).In addition to the electoral uncertainty, the Turkish lira continued to lose value against other currencies during the month, which created economic concerns.By April 30, the value of the lira had fallen to TRY100 to $16.81, compared with TRY100 to $17.58 on April 1, according to exchange rate website Oanda.com. It had been trading at TRY100 to $19.22 on...