Some Turkish mills try to accelerate local scrap purchases

Over the past two weeks, some Turkish mills have increased their domestic scrap procurement prices by TRY 100-550/mt to accelerate scrap flow to their yards. Due to the fluctuations of the Turkish lira-US dollar exchange rate, the lower end of the price increase resulted in a $1-6/mt decline on dollar basis, while the upper end caused a $1-21/mt increase in the dollar prices. Keeping lira-based prices stable resulted in a $9-11/mt cut in dollar-based prices. On the other hand, some producers stopped accepting domestic scrap altogether, while others cut their prices by TRY 50-150/mt ($10-16/mt).

The general range in the local Turkish scrap market for the benchmark DKP grade scrap is currently at TRY 7,200-8,4500/mt ($359-422/mt), from TRY 7,200-8,300/mt ($359-426/mt) recorded last week.

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 20.04