US Ferrous Scrap export to Turkey up by 20.3% in August
NEW YORK (Scrap Register): Among all Turkish ferrous scrap imports, volume of US scrap reported a increase of 20.3% in August, up from the average of 17.6% seen in the first half of the year. Movements show that US scrap market prices remain largely dependent on Turkey.
Despite political and economic pressure with the lira losing nearly 40% of its value in 2018, Turkey’s reliance on US scrap imports has gradually increased over the last couple of months.
America’s high-consumption scrap markets still rely on exports (almost 18%) and US President Trump’s widely discussed Section 232 tariff measures have done little to change that.
Meanwhile Turkey’s overseas steel scrap purchases surged by more than 15% to 10.771 million tonnes in the first six months of this year. This performance reinforced its position as the world’s leading importer of steel.