Some Turkish mills decide to raise their local scrap prices

Over the past week, some Turkish mills have decided to raise their local scrap procurement prices, while others have kept them stable. The upward adjustment was by TRY 200-400/mt or $3-7/mt week on week, with the stable Turkish lira prices matched by $1/mt reductions in dollar-based prices amid the ongoing depreciation of the lira against the US dollar. As Turkish mills have successfully kept deep sea scrap prices stable, only mills working largely with local scrap are feeling the need to increase their local scrap purchase prices for now to secure tonnages.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved up by TRY 400/mt on the lower end and by TRY 250/mt on the upper end to TRY 15,500-18,000/mt. Due to the fluctuations observed in the exchange rate, the dollar-based quotations have moved from $315-371/mt to $322-374/mt. 

All the 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 48.07