Local Turkish scrap market moves up significantly

Over the past two weeks, Turkish mills have increased their domestic scrap procurement prices, with the total increase reaching TRY 500-1,750/mt. Due to the depreciation of the Turkish lira against the US dollar, the lower end of the rise has been matched by a $1-17/mt fall in dollar-based quotations, with the rise on the upper end resulting in a $1-42/mt increase in dollar prices. “Following the holiday, we are now hoping for some movement in steel stocks, but it is too early today,” a source from a mill commented. As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has decreased from TRY 5,500-6,350/mt ($330-380/mt) to TRY 6,200-8,100/mt ($354-463/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 17.49