Exchange-rate moves push Turkish domestic scrap prices on opposite tracks

Domestic auto bundle scrap prices in Turkey have continued to rise over the past week on the further weakening of the country’s lira, market participants said on Monday December 6.

The Turkish currency was trading at 13.728 lira to $1 on December 6, compared with 12.382 lira to $1 on November 29, according to exchange rate website Oanda.com.

The weaker lira led to rising finished long steel prices and, therefore, auto bundle scrap prices in the domestic market, because mills in Turkey import most of their raw materials in deals denominated in US dollars before selling...

Published

Cem Turken

December 06, 2021

15:18 GMT

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