Turkish scrap import prices inch upwards as Lira strengthens

Turkish scrap import prices increased for the first time in almost two months. CRU’s assessment for HMS1/2 80:20 is $382 /t CFR, up by $4 /t w/w but down by $24 /t m/m.

Turkish scrap import prices increased last week as some buyers purchased material following to the appreciation of the Turkish Lira against the Euro and US Dollar. Strengthening of the Turkish Lira came in response to the Central Bank’s unexpected interest rate hike to 50% on Thursday, 21 March. Although investors remain cautious, many see this as an encouraging sign of independence as the announcement was made ahead of local elections which will be concluded at the end of this month.