The Turkish government announced that from April 1, it will reduce electricity and natural gas prices by 10% and 20%, respectively.

From April 1, Turkey will also increase import tariffs on flat steel. The tariff was supposed to be implemented on February 27, but it was postponed because of the earthquake. Some market participants forecasted that the higher import duty might increase demand for Turkey's flat steel.

Turkey produces about 10.5 million tons of hot-rolled coil per year, exports 2 million tons annually, and consumes about 13 million tons locally. Therefore, the country still needs to import 4.5 million tons of hot-rolled coil.