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Turkish Scrap market may remain quietly bullish in August

The outlook Turkish scrap market for August amongst market participants is generally quietly bullish, with finished steel demand expected to increase as a result of construction activity moving back into top gear, providing further support for scrap prices .

Turkish mills bought steadily over the course of Ramadan, presumably with the aim of avoiding a rush for material once the period had ended and the surge in pricing this would probably create.

According to TSI, July average of benchmark index for Turkish imports of HMS #1&2 80:20 gained 0.8%, just under $3 a ton, month-on-month (m-o-m).

The daily index was range-bound be-tween $371-381 a ton CFR Iskenderun port for the duration of July, with a significant jump in pricing seen towards the end of the month.

Source:Scrap Register


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