Local Turkish scrap market decreases further on lira basis

Several Turkish mills have announced further decreases in their domestic scrap purchase prices on Turkish lira basis as compared to the levels recorded on January 18, with declines in the range of TRY 20-90/mt. However, due to the appreciation of the Turkish lira against the US dollar in this period, the dollar equivalents of prices have indicated diverse trends, with dollar prices of some grades remaining stable, some increasing by $2-3/mt, while others have moved down by $1-6/mt, depending on the buyer. The dollar-based quotations of other mills which decided to keep their lira-based prices stable have increased by $5-6/mt.

Since January 18, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has remained unchanged in the range of TRY 3,150-3,575, while the dollar-based quotations have increased from the range of $420-477/mt to $426-483/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 7.40