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Kallanish Steel Weekly: Scrap prices remain firm in Turkey and China, despite growing uncertainty (Aug. 29, 2023)

Three fresh bookings were heard in the Turkish scrap market on Friday, confirming that the market remained firm last week despite uncertainty growing. The new orders follow recent bookings for HMS 1&2 80:20 at $369/t cfr from the EU and at $374/t cfr from the US. A Marmara mill bought another cargo from the US at $374/t for 21,000 tonnes of HMS 1&2 80:20, $394/t for 19,000t of shredded and $394/t cfr for 5,000t of P&S on Friday. A Southern and a Marmara mill bought Netherlands-origin cargoes comprising HMS 1&2 80:20 at $370/t and bonus grade at $390/t cfr on Thursday.

The lira, which appreciated by almost 6% following the sharp interest rate hike on Thursday, has depreciated by almost 3% on Friday. Sharp fluctuations in exchange rates created uncertainty in the market and caused most mills to avoid offering steel on a TRY basis while some halted sales. At the same time, buyers remain reluctant to conclude purchases.

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