Turkish mills mostly stay out of spot markets, seeking lower prices
US scrap export prices stable
Escalating political tensions depress prices
Suppliers cut offers to encourage business in India.
Turkish steel mills booked only one cargo over the week ended Friday, and mostly stayed out of the deep-sea markets because of the weak demand for finished long steel and billet.
The upcoming Eid al-Adha religious holiday in the Muslim world, August 11-14, also reduced buying interest because the Turkish markets will be closed.
The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, ended the week at $283.17 per tonne on August 9, down by $3.72 per tonne from $286.89 per tonne on August 2.
The corresponding daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $290.35 per tonne on the same day, up by $3.71 per tonne from $294.06 per...