Turkish steel producers continued to stay out of the deep-sea scrap market on Thursday August 20, due to continuing weak demand in the domestic and export finished long steel markets, sources told Fastmarkets.
Having booked some US and Baltic Sea cargoes at $285 per tonne cfr for HMS 1&2 (80:20) on August 7, mills in Turkey paused their deep-sea activity due the lack of demand, driven by the Turkish lira losing ground against the US dollar. Domestic prices for long steel products in Turkey traditionally rise in line with the strengthening dollar, because mills buy most of their raw materials in dollars and...