Turkey’s domestic scrap prices rise further with support from imports

The local Turkish scrap market has continued its uptrend over the past week as the import scrap segment is still characterized by positivity despite the slower uptrend late this week. SteelOrbis hears that some Turkish mills are now focusing more on local scrap to put the brakes on the increases in the import segment. Domestic scrap prices this week have increased by TRY 100-650/mt or $2-17/mt. The depreciation of the Turkish lira against the US dollar was smaller this week, and so stable lira-based prices have been matched by a $1/mt drop in dollar-based quotations. As Turkish mills are giving the impression that they want to monitor the local steel market and steel demand in the coming week, their appetite for domestic scrap market continues to recover.

After the price revisions, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved up by TRY 50/mt on the lower end and by TRY 150/mt on the upper end to TRY 11,900-13,360/mt. The dollar-based quotations have changed from $326-363/mt to $326-366/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 36.51