Local Turkish scrap market continues to move up

Today, February 25, some Turkish mills have increased their domestic scrap prices by TRY 100-250/mt or $13-34/mt, depending on the buyer and the grade. Meanwhile, some producers have kept their prices stable on Turkish lira basis, with their dollar-based quotations declining by just $1/mt amid the slight depreciation of the Turkish lira against the major currencies.

Accordingly, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased from TRY 2,650-3,245/mt to TRY 2,830-3,370/mt, while the dollar-based quotations have moved up from the range of $368-450/mt to $392-467/mt. Market sources state that local scrap flow in Turkey is not so strong and that prices are moving up in line with the rises observed on the deep sea side. Positive expectations for domestic scrap quotations prevail in the market.

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 7.22