The Turkish steel producers resumed their purchases from the deep-sea scrap market at slightly higher prices at the end of this week after news of the removal of additional US import tariffs on Turkey-origin materials, sources said on Friday May 17.
The United States lowered its tariff on steel imports from Turkey to 25%, from the previous 50%, with effect from May 17.Rumors of the removal of the extra tariff had already spread in the market after the head of the Turkish parliament's foreign affairs committee, Volkan Bozkir, met with the charge d'affaires of the US embassy, Jeffrey Hovenier, in Ankara on May 14.Scrap merchants quickly withdrew their offers on expectations that removal of the extra tariff would bring about a recovery in prices.News of deals for four deep-sea cargoes was heard late on May 16.A steel mill...