Over the past week, the uptrend of Turkey’s domestic scrap prices has accelerated, catching up with the deep sea segment. Over this course, several mills increased their prices by TRY 100-250/mt, resulted in a stable trend for the lower end of the rise and $2-5/mt upward movement for the upper end due to the depreciation of the Turkish lira against the US dollar. The sideways movement in the Turkish-lira based prices caused dollar-based quotations to drop $1-2/mt week on week. The local scrap demand may increase in the coming period, supporting the price rise. Market sources report that the resistance shown by Turkish mills to increasing offers received from the import scrap segment may lead them to secure domestic scrap instead of accepting higher deep sea scrap prices.
After the price revisions, general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved up by TRY 250/mt on the lower end and by TRY 150/mt on the upper end to TRY 11,850-12,950/mt. The dollar-based quotations have changed from $322-356/mt to $327-358/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 36.21
