Posted on 09 Feb 2023
Turkish mills have kept their domestic scrap buying prices unchanged this week, Kallanish notes.
Demand for both domestic and imported scrap remains absent in the aftermath of Monday’s massive earthquake. While mills in the Iskenderun area, a major production hub, have halted output, operating mills in other regions have no appetite to buy scrap amid the ongoing humanitarian tragedy resulting from the earthquake.
It is expected to take weeks before the mills in Iskenderun resume production as they are yet to complete surveying the earthquake’s impact on their operations and have no idea when their workforce will be available.
Although the fire at the Iskenderun container port was brought under control on Wednesday, it remains inoperative as the damage has not yet been assessed. It is not used for scrap shipments, but scrap deliveries in the region are on hold as mills have no manpower and have sent their cranes to aid rescue efforts.
Market participants expect this week to be slow in terms of business activity in general.
Turkish shipbreaking scrap prices stood at $390-430/tonne delivered, meanwhile. The lira was at 18.83 per dollar at business close on Wednesday.
Source:Kallanish
