Turkey’s domestic scrap prices remain stable

During the current week, most Turkish mills have kept their domestic scrap procurement prices stable. Only one producer decided to cut its prices, by TRY 400-500/mt, in the past week. This move resulted in a $10-14/mt fall in its dollar-based price. The Turkish lira has gained some strength against the US dollar this week, and the unchanged lira-based prices were balanced by a $2/mt increase in dollar-based prices. Turkish mills are focusing on deep sea scrap purchases, though the price only rises in actual deals. This is also reflected in the local scrap market and causes Turkish mills to adopt a sideways pricing strategy.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved sideways at TRY 11,800-13,450/mt in the local currency. Dollar-based prices are now at $364-415/mt instead of $362-413/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 32.43