Anti-trust body may inspect steel prices

Turkey’s Competition Board could launch an investigation into steel prices in Turkish Liras terms, FinansInvest, said in a note sent to investors yesterday.

Recalling that the board had rejected the need for initiating a preliminary investigation into long steel prices on July 14, FinansInvest said, “We believe that the increase in the domestic steel prices are more readily associated with a 22 percent increase in long steel prices in terms of U.S. dollars on a yearly basis, a 30 percent depreciation of the lira against the dollar and the recent 10 percent increase in electricity prices increasing the cost base of electric-arc-furnace-based steel producers.”