Turkey’s scrap import market faced uncertainty as mid-week political unrest sent the lira to a record low. Scrap import prices were assessed at USD 380 per ton CFR, compared to USD 370-380 per ton CFR earlier.
Earlier in the week, deals near USD 380 per ton were reported, supported by rising collection costs, a stronger Euro against the USD, and optimism in the U.S. steel sector following Trump’s tariffs on steel and aluminum.
Mid-week, protests erupted after authorities detained Istanbul’s mayor, Imamoglu, a key political rival of President Erdogan, on charges of graft and aiding a terrorist group. The unrest triggered a currency crash and an equity selloff, leading to a trading halt at the Istanbul bourse. In response, Turkey’s central bank raised the overnight lending rate from 45pct to 46pct in an attempt to stabilize financial markets.
The resulting market instability forced some Turkish long-steel exporters to withdraw offers. Prior to the volatility, rebar and wire rod export prices remained unchanged at USD 565-575 per ton FOB and USD 580-590 per ton FOB, respectively.