Sharp rise in local Turkish scrap market

Today, December 7, most mills in Turkey have increased their domestic scrap prices sharply with a range of TRY 40-400/mt ($4-50/mt), depending on the grade and the buyer. The dollar-based quotations of the other mills that have kept their prices in the local currency stable have moved down by $1/mt in this period due to the slight depreciation of the Turkish lira against the dollar. It is observed that Turkish steelmakers have for some time now been increasing their domestic scrap purchase prices to maintain scrap flow, in line with the rises recorded in the deep sea segment.

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has narrowed from the levels of TRY 2,500-2,985/mt ($320-382/mt) recorded on December 2 to TRY 2,555-2,985/mt ($326-381/mt), with the upper end remaining stable.

All above prices are for deliveries to customer and exclude VAT, 

$1 = TRY 7.84