Most Turkish mills raise their domestic scrap purchase quotations

Today, February 26, most Turkish mills have increased their domestic scrap purchase prices by TRY 60-220/mt, depending on the buyer and the grade. Due to the ongoing depreciation of the Turkish lira against the US dollar, this decision of mills to hike their prices in the local currency has led to diverse trends in their dollar-based quotations. The increases on the lower end resulted in sideways movements of decreases of $4/mt in dollar prices, while larger upward revisions have resulted in an increase in dollar prices by $1-18/mt. Meanwhile, some producers have kept their prices stable on Turkish lira basis, while their dollar-based quotations have decreased by $11-14/mt, as compared to yesterday.

Accordingly, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased from TRY 2,830-3,370/mt to TRY 2,870-3,375/mt, while the dollar-based quotations have moved down from the range of $392-467/mt to $386-454/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 7.44