Local Turkish scrap market continues uptrend with support of imports

Having been revised upwards on the back of the depreciation of the Turkish lira against the US dollar, the local Turkish scrap market continues its upward trend, which is now also supported by the import scrap segment. Supply on the import side, particularly the short sea segment is limited, SteelOrbis understands. Turkish mills aiming to ensure local scrap flow are increasing their domestic scrap purchase quotations. On the first day of the week, some mills have announced upward revisions of TRY 50-100/mt or $2-8/mt as compared to Friday, October 8, while other have kept their prices in the local currency stable, with a $2-3/mt decrease in their dollar-based prices.

After the price adjustments, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 3,550-4,355/mt to TRY 3,550-4,410, while on US dollar basis they have settled at $396-492/mt, versus $398-489/mt on October 8.

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 8.97