Local Turkish scrap market moves down further

Today, August 20, some Turkish mills have decreased their domestic scrap purchase prices by TRY 50-120/mt, depending on grades, resulting in a $8-17/mt reduction in their dollar-based quotations with the support of the depreciation of the Turkish lira against major currencies. Other steelmakers have just kept their quotations stable in the local currency, which resulted in a $2-3/mt decrease in their dollar-based prices.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved down from TRY 3,670-4,305/mt to TRY 3,600-4,305/mt, while the dollar-based quotations moved from $433-508/mt to $423-505/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 8.52