Appreciating lira supports local Turkish scrap prices on dollar basis

As compared to Monday, February 8, prices in the local Turkish scrap market have increased on dollar basis due to the changes in the exchange rate. While most Turkish mills have decided to keep their domestic scrap purchase prices in the local currency stable in this period, their decision resulted in a $3-4/mt increase in their prices on dollar basis. Erdemir decreased its quotations by TRY 50/mt or $3/mt on February 9, keeping them stable since, while others have increased their prices by TRY 100-200/mt or $18-32/mt today, February 11.

Since Monday, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved sideways at TRY 2,570-3,025/mt, while the dollar-based quotations have increased from the range of $362-426/mt to $366-430/mt.

Market sources state that the downtrend of the local Turkish scrap market has also come to halt on the back of the positive sentiment observed in the deep sea scrap market.

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. 

$1 = TRY 7.03