Local Turkish scrap prices move up as expected

As anticipated by SteelOrbis last week, domestic scrap prices have moved up in the current week. Some steel producers have increased their purchase prices by TRY 400-1,000/mt or $8-22/mt this week. Some mills made no new announcements, but their domestic scrap prices have declined by $1/mt week on week due to the depreciation of the Turkish lira against the US dollar. As the upward push in the international scrap markets continues, Turkish mills are expected to lean more on short sea and domestic scrap in the coming days. This means that the local scrap market may still move up, though the lower end of prices has remained unchanged as the mill representing this price level has not changed its price.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased by TRY 450/mt on the upper end to TRY 14,600-17,600/mt. Due to the fluctuations observed in the exchange rate, the dollar-based quotations have changed from $328-386/mt to $327-395/mt.

All above prices are for deliveries to customers and exclude VAT. Exchange rate fluctuations are taken into consideration when calculating the dollar-based price changes. 

$1 = TRY 44.59