Local Turkish scrap market increases in line with exchange rate

Some Turkish mills have increased their domestic scrap purchase prices further since October 18. These increases amounting to TRY 50-200/mt ($3-19/mt) are interpreted as adjustments amid the depreciation of the Turkish lira against the US dollar, with the Turkish currency now at a record low of 9.32 against the dollar. In the same period, most Turkish mills have kept their prices in the local currency stable, with a $2-3/mt decline in their dollar-based prices.

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 3,550-4,655 to $3,550-4,760/mt, while prices on US dollar basis are at $381-511/mt, versus $383-502/mt on October 18.

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 9.32