Some downward revisions in local Turkish scrap market

Following the successive price increases recorded in the local Turkish scrap market over the past month, it is observed that some mills have reduced their purchase prices as compared to the levels recorded on December 25. The revisions were made within the range of TRY 125-400/mt or $1-40/mt, depending on the buyer and the grade. As the Turkish lira has regained some strength against the US dollar over the past days, the dollar-based quotations of the other mills that kept their lira prices stable have increased by $13-16/mt, which has caused many market players to consider the reductions as a reflex to the change in the exchange rate. Also, one market source stated that domestic scrap sellers have kept some tonnages to themselves recently due to their expectations of a further rise in prices.

Currently, the general range in the local Turkish scrap market for the benchmark DKP grade scrap is in the range of TRY 3,270-3,825/mt, while the dollar-based quotations have increased from the range of $438-505/mt to $446-521/mt.

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

$1 = TRY 7.34