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The Turkish market for imported ferrous scrap nudged higher Friday as the macro-economic environment leveled out after a torrid week.

The Borsa Istanbul 100 stock index closed up a smidgen on day, while the lira was trading around 3.06 against the greenback at 1600 GMT, comparatively stable after the volatility over most of the week.

In this environment buyers displayed some appetite for deep-sea material, with around five mills said to be seeking scrap over the last couple of days of the week.

The market was largely deemed quiet, however, and a degree of uncertainty remained.

A premium Scandinavian supplier said there was some interest in scrap, and that prices were increasing because of higher risk levels.

Mills were also testing the waters with billet offers and short-sea scrap, as premium US East Coast merchants were heard targeting $230/mt CFR and higher for heavy melting scrap I/II (80:20).

"The US] are pushing for $230/mt CFR, but there is no interest at this level," one steelmaker said, explaining why buyers were perusing alternative supply sources. One large Marmara-based steelmaker bought short-sea cargoes ex-Rostov at $208-$210/mt CFR, according to a European trader.

Short-sea offers rose towards $220/mt CFR on the back of these deals, with sellers emboldened by higher premium sellers' targets.

"This week, we are just talking to each other," one Turkish steelmaker said, referring to the aftermath of last Friday's failed putsch.

"The banks are not extending credit, there are issues at the moment, we have to wait.

"Banks are not giving credit to mills, so there is limited buying by the mills," the source said.

One Turkey-based agent said credit issues had diminished, though there have been conflicting views over banks' risk appetite all week.

Early in the week some continental suppliers said banks were getting nervous on Turkey, but Thursday a large European merchant said his buyers were opening letters of credit without issue.

Indian demand for containerized shred was low, with only one trade reported as buyers preferred domestic material.

One trader said he sold 2,000 mt of containerized scrap at $220/mt CFR Nhava Sheva Thursday.

Platts weekly containerized shredded assessment was static at $225/mt CFR.