17
Dec
14:48
Freefalling lira brings Turkish scrap market to halt
Turkish steelmakers remained silent throughout the week in terms of their scrap purchases, due to the fast depreciation of their local currency and poor finished steel demand.
Following the further interest rate cut on Thursday, confidence in the Turkish economy has completely disappeared, causing the lira to weaken sharply. The currency hit a record low on Friday of 17.14 per dollar. The intervention of the Central Bank could not bring about a rebound, and the l…
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Anonymous
Very good overview of the weekly steel market.
Anonymous