Downward revision in local Turkish scrap market

Since SteelOrbis’ previous report published on Thursday, July 29, several Turkish mills have decreased their domestic scrap purchase prices by TRY 50-300/mt or $1-30/mt, depending on grades. Only one mill has adjusted its DKP grade scrap prices up by try 50/mt or $11/mt in this period. The ongoing appreciation of the Turkish lira against the US dollar since last week has caused a $5-6/mt increase in other mills’ dollar-based prices. Market players state that the decreasing trend of the deep sea segment is taking its toll on the local scrap market. However, the current pace of local scrap flow is considered healthy. Meanwhile, SteelOrbis has learned that one of the Izmir-based mills has sent a message to its suppliers saying that due to the busy activity at its port, it will not be accepting domestic scrap for a week.

Today, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved down from TRY 3,820-4,530/mt to TRY 3,670-4,530/mt, while the dollar-based quotations moved from $449-532/mt to $436-539/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 Bastug’s prices were not shared in the previous report, no change in quotations were given in the table above.

$1 = TRY 8.41