Local Turkish scrap market sees another upward adjustment

Following the Turkish Central Bank’s decision to cut interest rates by 200 base points to 16 percent yesterday, October 21, the Turkish lira has been hit significantly, causing Turkish mills to adjust their domestic scrap procurement prices accordingly. As a result, some producers have increased their domestic scrap purchase prices by TRY 130-200/mt, with a decrease or stability in their dollar-based prices, while other mills’ dollar-based prices have increased by $3-8/mt. Turkish mills that have kept their lira prices stable indicate a decline of $8-15/mt in their dollar-based quotations.

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 3,550-4,760 to $3,550-4,830/mt, while on US dollar basis they stand at $369-503/mt, versus $381-511/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 9.61