Turkey's imports of semi-finished steel products increased in October

In October, Turkey's semi-finished steel imports increased threefold compared to October 2021, according to the Turkish Statistical Institute (TUIK), and amounted to about 453,000 tons. Imports from Russia reached a record level of up to 338,000 tons, an increase of almost 300% year-on-year, due to the competitiveness of Russia's billet.

In September, Turkish banks suspended the use of the Russian Mir payment system. However, market participants noted that there are still some ways of substitution, so steel trading is not affected.