Local Turkish scrap market falls sharply, all mills cut their prices

Over the past week, all Turkish mills have reduced their domestic scrap procurement prices. The total of downward revision has reached TRY 300-1,250/mt or $18-74/mt. The depreciation of the Turkish lira has not helped the fall in dollar-based quotations either. Since Turkey’s finished steel sales are failing to improve, the pressure on raw material prices has increased, resulting in another fall in domestic scrap prices.

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap have decreased from the range of TRY 6,500-7,950/mt ($376-459/mt) to TRY 5,700-6,850/mt ($328-394/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 17.37