The softening of the US dollar against the euro has put the brakes on the upward trend of Turkish scrap prices that was expected to last until August. Until last week, scrap prices were increasing rapidly in line with Turkish buyers' predictions. The latest economic development in the US should now keep prices stable until early September, with small fluctuations week-to-week, according to sources in Turkey. Adding to the pressure on prices is a fall in demand from Turkish buyers. Reacting to a jittery market sentiment in May and June that the Black Sea was short of vessels and product, and would not deliver enough scrap on time for mills operating at full capacity, Turkey turned to European sellers. Since the end of May, Turkey has purchased around 15-16 cargoes from Europe, totaling between 500,000-600,000t, most of which have now been delivered. Sine the start of July, however, sources know of only one 40,000t European cargo purchased form Belgium.
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