Demand for flat steel products in Turkey remained weak in October because of the decline in global prices, market participants told Fastmarkets on Tuesday, November 5.
Nonetheless, they added that local producers have now filled their order books until late December.Local demand was already weak in Turkey in September, and political uncertainty in October led to a further fall in demand.And in the domestic flat steel market, market participants believe prices still have further to fall.On Wednesday October 9, Turkey launched 'Operation Peace Spring' to secure its border with northern Syria after the US withdrew its armed forces from the region.US president Donald Trump then said he would reimpose the earlier 50% tariff on imports of steel from Turkey in response to the military action.But that was averted when Turkey agreed to a ceasefire on October 17, and sentiment once again improved slightly in the Turkish flat steel market.Other Turkish export markets were also slow in October because of falling prices. Additionally, the European commission decided to set a limit of 30% of the overall total for any country exporting hot-rolled (HR) flat steel to Europe on October 26, which...