Hot-rolled coil prices increased in Turkish domestic and export markets during the week to Friday June 25, following the news that Russia could impose export duties, sources told Fastmarkets.
Russia's economy ministry proposed that the government
impose temporary export duties on ferrous and non-ferrous metals sold outside the Eurasian Economic Union (EAEU).
Russia is one of the biggest flat steel exporters to Turkey. Turkey imported 1.33 million tonnes of hot-rolled flat steel (HS codes7208 and 7225) from Russia in 2020, according to the Turkish Statistical Institute (T?oeIK).
"Demand in the domestic market - especially the manufacturing sector - is still strong. But lower import prices and the [lack of clarity] on China's export tax resulted in uncertainty," one market participant said.
The...