DAILY SCRAP REPORT: Mills pause deep-sea bookings while seeking clarity after Section 232 tariffs double

Turkish steelmakers have paused their deep-sea scrap purchases following the news that the United States government will double its Section 232 tariffs on the country, sources said on Tuesday October 15.

Late on Monday October 14, US President Donald Trump said he will impose a 50% tariff on imports of steel from Turkey in response to that country’s military actions in northeastern Syria. “The steel tariffs will be increased back up to 50 percent, the level prior to reduction in May. The United States will also immediately stop negotiations… with respect to a $100 billion trade deal with Turkey,” Trump wrote on his Twitter account on Monday. Following the news, Turkish steel mills suspended their bookings of deep-sea scrap while awaiting further...

Published

Cem Turken

October 15, 2019

16:32 GMT

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