Local Turkish scrap market moves up rapidly amid uncertainties

Since SteelOrbis’ report published on February 25, most Turkish mills have increased their domestic scrap procurement prices to secure needed tonnages. The upward revision is in the range of TRY 50-450/mt or $2-7/mt. A few mills have kept their quotations in the local currency stable in this period, with their dollar prices softening by $5-6/mt as the Turkish lira has lost strength against the US dollar against the backdrop of the war in Ukraine. “Market conditions are changing rapidly as well as prices. They are moving up at a fast pace, and scrap flow to mills may be negatively impacted because no one knows the next price level and whether they will be able to restock or not after selling,” a source from a mill commented.

Meanwhile, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved up from TRY 6,550-7,465/mt to TRY 6,700-7,605/mt, while prices on US dollar basis have been revised from $475-541/mt to $481-546/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 13.94