Is China increasing its competition with Turkey?

As a result of the 14 May presidential elections, the environment of uncertainty in the markets continues to be negative.

China may add a new one to the negativity in Turkish export markets. China's steel exports are expected to create another obstacle for Turkish producers.

Turkey increased import taxes on steel products as of 1 May. Despite the increased tariffs, Turkey continued to maintain its competitive position in the market. However, there are rumours that Chinese steel exporters have recently offered HRC to Turkey at $570-580 per tonne CFR, in order to turn the competition in China's favour.

HRC prices for Turkey have been hovering around $585-600 per tonne as of May 5.