Trump tweet sparks price fall

摘要

The Turkish imported scrap market softened from around mid-August, due largely to US President Donald Trump's tweet announcing doubled tariffs for imported Turkish steel products. This saw deals for HMS 1/2 (80:20) fall $25/mt on the previous week to end the August 17 week at $297/mt. The immediate effect on the market from the tweet was heavily felt by the Turkish lira, which ended the week at 6.08/1$. There was a flurry of activity concentrated towards the end of that week, with trades said to be done under pressure, before the week of Eid El Adha.