Turkish steel mills have remained active in last couple of weeks in booking deep-sea bulk scrap cargoes. According to deals compiled by SteelMint, nearly six bulk scrap cargo bookings have been concluded so far this week. Steelmakers seek to replenish scrap stock with their mills on supportive finished steel demand.
SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands a $302/t CFR Turkey, up by $2/t w-o-w.
Key highlights –
- Hike in domestic scrap prices – Turkish domestic scrap prices have moved up this week upto $13 and sources expect prices may rise further if finished steel market sentiments remain supported
- Bullish steel market sentiments – Turkish steel market sentiments remained bullish on decent sales being reported in semi-finished and finished steel segments.
- Turkish lira hits record low – The Turkish lira hit a record low of 7.49 against the US dollar yesterday, since 2015, as per reports. Currently, 1 dollar is trading equal to 7.48 Turkish lira as compared to 6.9 in early-Aug’20.
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