Turkey’s elections expected to bring clarity to steel market

Mar 25, 2014 | 11:27 AM | Serife Durmus

Tags  steel, Turkey, mayoral elections, rebar, hot-rolled coil, AK Party, AKP, Turkish Prime Minister Recep Tayyip Erdogan steel prices

BURSA, Turkey — Turkish steel market activity has slowed ahead of the country’s mayoral elections, with market participants holding wait-and-see positions in a sector that lacks direction.

Turkish rebar has fallen to $567 to $572 per tonne ex-works from $585 to $595 in early January, while hot-rolled coil has slipped to $550 to $565 per tonne ex-works from $600 to $610 in the same comparison.

Some sources expect consumption to increase after the March 30 elections as the uncertainty will be over and market participants will need to replenish their stocks. However, other sources expect the Turkish steel market to be slow in the second quarter and beyond, with economic sentiment unlikely to improve after the elections and before the summer holiday season starts. ....

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