Steelmakers in Turkey stepped back from the deep-sea scrap market after the unexpected sacking of the head of the country's central bank sent the Turkish currency into freefall, sources told Fastmarkets on Monday March 22.
The Turkish steel mills have been away from the deep-sea scrap markets since March 12, when two cargoes from the Baltic Sea were booked at $435-437 per tonne cfr on HMS 1&2 (80:20) basis, and source said they were unlikely to return to the market any time soon, even though they were due to book six or seven more cargoes for April shipment. The Turkish lira collapsed...