At the end of July , scrap quotations in Turkey have kept moving up in two weeks after the previous increase. So, on July 28 most of producers raised purchase prices for local scrap by TRY 20-50/t or $12-30/t, taking into account exchange rate fluctuations.
The reason behind the rise is strengthening of Turkish lira against US dollar. Besides, purchases in foreign markets increased and deals are made with scrap collectors from the USA and Europe at higher prices compared to the latest contracts. Moreover, mills need to re-stock in order to fulfill coming orders for finished products.
Some companies did not revise buying prices on July 28, because they had done it earlier.
Domestic scrap prices are forecast to stabilize in Turkey in the near future. Another increase is expected in the middle of August.
(Source: www.metalexpert-group.com )