Local Turkish scrap market moves down

Over the past week, most Turkish mills have reduced their domestic scrap procurement prices week on week, with some revising them after the recovery recorded in the import scrap segment. The total downward revision was TRY 50-600/mt but, due to the fluctuation of the Turkish lira-US dollar exchange rate, changes in dollar-based quotations varied from plus $10/mt to minus $21/mt. Two mills announced a price increase this week by TRY 50-600/mt or $16-48/mt. Despite the general decline recorded in prices, sentiment in the market is better this week, Turkish mills’ sales both to the local and export markets are supporting a possible uptrend of 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 5,700-6,850/mt ($328-394/mt) to TRY 5,500-6,350/mt ($330-380/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 16.69