Local Turkish scrap market starts to soften

As compared to March 8, some Turkish mills have reduced their local scrap purchase prices by TRY 20-300/mt. The decrease of TRY 20/mt has resulted in an increase of $1/mt in the dollar price of one mill, while the higher reductions in the local currency by other mills have been accompanied by a $10-36/mt decrease in their dollar prices, depending on the grade. Meanwhile, some Turkish mills have kept their prices stable, leading to a $4/mt rise in their dollar-based quotations amid the appreciation of the Turkish lira against the dollar. As the sentiment in the deep sea segment has been disrupted by the most recent deals, some Turkish mills have decided to cut their domestic scrap purchase prices.

Accordingly, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has remained at TRY 3,170-3,720/mt, while the dollar-based quotations have moved up from the range of $414-486/mt to $418-490/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 7.59