Local Turkish scrap market declines in line with global market

Following the sharp decline observed in the international scrap market, some Turkish producers have reduced their domestic scrap procurement prices. The fall announced by some players was TRY 150-600/mt or $7-19/mt, while just one mill has increased its price, by TRY 35-75/mt or $1-2/mt. The rest of the producers have preferred to keep their prices stable, resulting in a $3/mt drop on dollar basis. It is observed that some Turkish mills have preferred to keep their prices stable or slightly increase them to secure domestic scrap flow. This strategy will provide them more time as they continue to exert pressure on short sea and deep sea scrap prices.

After the price revisions,  the general range in the local Turkish scrap market for the benchmark DKP grade scrap has declined from  TRY 11,800-13,150/mt in the local currency to TRY 11,750-12,875/mt. The dollar-based quotations have also moved down, from $343-383/mt to $339-371/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 34.69