Turkish Steel Exporters' Association (CIB) said that Turkish steel mills are fully capable of supplying steel to the EU after Russia's invasion of Ukraine, causing the Commonwealth of Independent States (CIS) steel plants to be unable to supply steel products.

Both the US and the EU have imposed sanctions against Russia, while the Turkish government chose to sit on the fence.

At present, Turkish steel mills are facing rising energy prices, which led to growth in production costs. Some market participants expected that the EU is likely to cancel or suspend import quotas and probably adjust national quotas to global quotas owing to Turkey becoming the only alternative to Russian exports in the vicinity.