DAILY SCRAP REPORT: Mills seek political stability before booking more scrap

Turkish steel mills continued to remain out of the deep-sea scrap market at the end of the week due to the uncertain political situation in the country, sources said on Friday March 29.

The Turkish lira was still very volatile against the US dollar because of the political instability and Turkish steel producers preferred to wait for the results of Sunday's mayoral elections before making any bookings, sources told Fastmarkets. Turkey's lira declined sharply against the dollar at the beginning of the week after the Turkish president Recep Tayyip Erdogan’s reaction to the United States president's comments about recognizing Israeli sovereignty over the Golan Heights on Friday March 22. The Turkish lira has been going through a period of volatility since...

Published

Cem Turken

March 29, 2019

17:02 GMT

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