DAILY SCRAP REPORT: Prices plunge on dive in demand for long steel in Turkey

Deep-sea scrap import prices iin Turkey tumbled on Tuesday January 24, as two fresh USA-origin cargoes were booked at $26-27 below previous deal levels.

Turkish scrap import prices have been falling since the start of the month, albeit at a slower pace.
Market participants said low demand for long steel products, particularly in Turkey’s domestic market, was the main reason for the slide.
Another factor was understood to be the weakening of the Turkish lira, with the national currency losing 7% of its value against the dollar since the start of the year, according to Oanda.com, as a result of the country’s internal political problems.

Traders said they were “shocked” with the falls in the import scrap prices this week, as they...

Published

Nadia Popova

January 24, 2017

16:02 GMT

Moscow