Morning Bites (part 2)

🔗The twin earthquakes in Turkey have temporarily shut down steel production in the affected regions, Bloomberg reports, citing Veysel Yayan, the Secretary General of the Turkish Steel Producers Association. On our numbers, the idled enterprises might account for up to 32% of the country’s steel capacity. Furthermore, according to the association, steel mills in the Hatay and Osmaniye regions might remain shut until late-February or mid-March. Although there was no significant damage to the plants, many employees died or lost family members. In 2022, Turkey accounted for 1.9% of global crude steel production, so idling production is unlikely to have a substantial effect on the global steel market, in our view

#steel
https://metals-wire.com/sector/Steel