Local Turkish scrap market continues its uptrend

The local Turkish scrap market has continued its uptrend today with some Turkish mills raising their prices by a range of TRY 80-150/mt ($6-14/mt). Other producers have kept their domestic scrap purchase prices stable on TRY basis, which resulted in a $2-3/mt decrease in their dollar quotations. The depreciation of the Turkish lira against major currencies has contributed to the upward revisions of prices, while one flat steel producer stated that domestic scrap prices may now be considered to be on the high side.

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased from the range of TRY 3,520-4,265/mt to TRY 3,550-4,320/mt, while on US dollar basis they have settled at $399-485/mt, versus $398-482/mt previously.

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 8.90