The price of some steel coil products in Turkey increased over the seven days to Friday May 10, but buying activity remained subdued, sources told Fastmarkets this week.
With demand remaining weak in the local market, producers did not want to reduce prices because that would lead to a further reduction in demand as buyers would hold out for even lower prices, sources said.However, demand for Turkish HRC was strong in Asia, so, flat steel producers could fill their order books with export bookings.Sources told Fastmarkets that the continuing weakness of the Turkish lira and market expectations that prices will fall further were the main reasons for the weakness in Turkey's domestic market. The lira was trading at TRY100 to $16.2796 on...