In Turkey, hot rolled coil selling figures have decreased, according to MEPS. Steel producers have continued to lobby for retrospective protection measures against imported hot rolled coil products.

Hot rolled plate buying activity has slowed down. Bearish stockists are keen to avoid carrying high inventory levels into Ramadan.

Turkey’s TUIK has reported that imports of cold rolled flat products totalled 65,108 tonnes in April – up 10.0 percent, month-on-month. The majority of this material was sourced from Russia and Ukraine, and is subject to a 10 percent import duty.

Business sentiment remains subdued in the coated coil market, deflated by Ramadan and the recent election outcome. Moreover, shipments to domestic automotive suppliers and producers have yet to recover from May’s labour strikes.

The wire rod market continues to be tough. Buyers have refrained from purchasing material, in anticipation of additional discounts.

Domestic demand has deteriorated in the structural sections market. The outlook is similar for rebar. Purchasing activity is weighed down by the result of the country’s parliamentary election (held on July 7) and the prospect of subdued demand during Ramadan.

Source: MEPS – Developing Markets Steel Review – June Edition