Turkey's imported flat steel volumes fell by 17.66% year on year in 2018, according to data released by the Turkish Statistical Institute (TUIK) last week.
Turkey imported 6,908,686 tonnes of flat steel in January-December 2018, down from 8,390,305 tonnes in 2017.
The decrease was largely due to weak demand for steel in Turkey's local market through 2018, especially in the second half of 2018, sources said.
Demand for steel weakened in the country because of the Turkish lira losing value, especially after the United States doubled the tariffs on steel imported from Turkey on August 10, 2018.Relations between the US and Turkey worsened in early August over the detention of American Christian pastor Andrew Brunson in Turkey over his alleged links with banned political factions. Brunson was released in October, since when the lira has regained some value.The lira was trading at TRY100 to $19.168 on February 4, having traded...