Turkish mills close rebar order books amid sharp lira slump

摘要

Several major Turkish mills closed their longs order books Tuesday afternoon, as accelerated lira depreciation against the dollar hit their lira-denominated domestic prices and trading activity in the domestic market stalled as cash-flow problems persisted. The Turkish lira lost 10% of its value against the dollar since the government's snap election was announced on April 17. The lira hit a new historical low at 4.45/$1 on Tuesday afternoon.