Most Turkish mills withdraw recent hikes in domestic scrap purchase prices

Since SteelOrbis’ report published on March 15, most Turkish mills, except for just three of them, have withdrawn their recent increases in domestic scrap procurement prices. The other three had delayed increasing their prices, and one of them kept its price stable this week, while the other two announced only slight increases. Accordingly, the overall reductions in the local Turkish scrap market have been in the range of TRY 200-1,150/mt or $22-86/mt, while the upward revisions have been in the range of TRY 120-150/mt or $0-3/mt amid the depreciation of the Turkish lira against the US dollar. The stable local currency prices were matched by a $6/mt decline in dollar-based quotations.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved down on the upper end from TRY 7,575-10,350/mt to TRY 7,575-10,150/mt, while dollar-based prices have been revised from $517-707/mt to $511-685/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 14.82