Local Turkish scrap market continues its downtrend

Most Turkish mills have decreased their local scrap purchase prices by TRY 50-150/mt. However this move has resulted in diverse trends in terms of US dollar prices amid the appreciation of the Turkish lira against the US dollar, with some prices increasing by $5-11/mt, while some have decreased by $1-5/mt, as compared to the levels recorded on March 17. Meanwhile, some Turkish mills have kept their prices stable in the local currency, with their dollar-based quotations rising by $12-14/mt today, March 19.

Accordingly, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has settled at TRY 2,750-3,520/mt, while the dollar-based quotations have moved from the range of $366-475/mt to $380-486/mt. According to market players, the flow in the local scrap market has accelerated amid scrap suppliers’ concerns that quotations may decline further.

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 7.24