DAILY SCRAP REPORT: Struggling lira keeps mills away from scrap market

The weak Turkish lira continued to keep the country's steelmakers out of the deep-sea scrap market on Wednesday August 8.

Since booking some 135,000 tonnes of deep-sea scrap on August 3, the steel mills have stayed out of the scrap markets. The country’s currency suffered its biggest daily fall in nearly a decade on Monday August 6, after Donald Trump's administration in the United States said it intends to review Turkey’s duty-free access to the US market. The lira was trading at TRY100 to $19.64 on August 6, compared with TRY100 to $21.58 on July 6, and TRY100 to $28.33 on August 6, 2017, according to exchange rate website Oanda.com. And...


Cem Turken

August 08, 2018

16:46 GMT