Local Turkish scrap market continues its downtrend

Today, September 7, some more Turkish mills have decreased their domestic scrap purchase prices by TRY 60-80/mt or $10-13/mt, depending on grades. Other steelmakers have kept their quotations stable, which resulted in a $2-4/mt decrease in their dollar-based prices. The changes in dollar-based quotations result from the depreciation of the Turkish lira against the US dollar, with the exchange rate continuing to fluctuate this week. One Iskenderun-based mill is still not accepting domestic scrap and will probably return to the market next week on Monday, September 13. Also, SteelOrbis has learned that Turkish steelmaker Cebitas has stopped buying domestic scrap as of today until further notice. Market sources report that scrap flow to mills is quiet strong nowadays despite the reductions in prices.

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has decreased on the upper end from TRY 3,520-4,265 to TRY 3,520-4,240/mt, while the dollar-based quotations have moved from $426-516/mt to $423-509/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 8.33