Turkey’s domestic scrap prices remain stable

Over the past week, Turkey’s domestic scrap prices have mostly remained stable in the local currency. Only one Turkish mill has increased its domestic scrap procurement prices by TRY 200-300/mt or $9-11/mt week on week. After Turkey’s central bank increased interest rates to 50 percent in a surprise move yesterday, March 21, the Turkish lira appreciated from 32.41 to the dollar. Today, the lira stands at 32.03 to the dollar and the dollar-based changes remain on the low side. The stable lira price policy for the local Turkish scrap market resulted in a mere $2-3/mt rise in dollar prices.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has remained unchanged at TRY 11,800-13,150/mt in the local currency. Dollar-based quotations are now at $368-411/mt instead of $366-408/mt.

All above prices are for deliveries to customer and exclude VAT. Exchange rate fluctuations are taken into consideration when calculating the dollar-based price changes. *Since domestic scrap purchase prices of Koç Metalürji were not shared last week, the weekly price change for this producer is not included in the table.

$1 = TRY 32.03