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Higher Energy Costs Hurting Steel Production, Competitiveness of Industry

TURKEY
  • The steel industry continues to contract, with crude steel production dropping by 19% in the nine-months to September to 2.7mln tonnes, according to Dunya. Industry bodies have warned that the 30% rise in costs for electricity and natural gas prices have led to a significant decline in competitiveness of the sector across both domestic and foreign markets.
  • Erdogan is due to address lawmakers at midday (0900GMT) local time today. His comments follow an article in Hurriyet today covering a ministerial meeting yesterday, at which Erdogan is said to have urged his lawmakers to be more active and not be complacent ahead of next year’s elections, despite his view that the opposition is in disarray.
  • Data calendar is light Wednesday, with focus turning to tomorrow’s CPI release. Inflation is expected to rise by 85.6% Y/Y and 72.0% on a core basis. The trade minister may announce prelim trade data for October at 1pm local time (1000GMT).

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