Diverse trends in Turkish domestic scrap market

Since SteelOrbis’ report published on January 7, Turkish mills have followed diverse strategies for their domestic scrap procurement prices. It is observed that earlier this week some producers decided to raise their domestic scrap quotations by TRY 300-500/mt or $28-45/mt. However, some producers have lately announced reductions in their prices by TRY 330/mt or $16-17/mt. Several mills have just kept their lira-based prices stable in this period, resulting in a $7-8/mt increase in their dollar-based prices. Sentiment in the local Turkish scrap market also depends on the mill, with some mentioning that the flow of domestic scrap is not so plentiful as sellers expect another increase in quotations, while others state that prices have reached unsustainably high levels in these times of sluggish finished steel demand being received by mills.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased from 5,600-6,875/mt to TRY 5,900-7,150, while on US dollar basis prices have been revised from $404-496/mt to $433-525/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.

$1 = TRY 13.62