Turkish domestic scrap market impacted by exchange rate fluctuations

With the deep fluctuations observed in the Turkish lira-US dollar exchange rate over the past two days, Turkish producers are taking steps to sustain domestic scrap flow to mills. Today, November 24, some Turkish steelmakers have revised their local scrap prices up by TRY 200-900/mt, with a $47-100/mt increase on dollar-based as the Turkish lira has been gaining strength in the past hours (TRY 11.68 to the dollar at the time of publication). Other mills maintained their local scrap procurement prices stable, while they raised their dollar prices by $26-31/mt. 

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased from TRY 4,800-5,680/mt to TRY 4,800-5,810/mt, while on US dollar basis prices have been revised up from $385-455/mt to $411-497/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 11.68