Turkish mills adjust local scrap prices in line with exchange rate

Amid the depreciation of the Turkish lira against the US dollar observed during the current week, most Turkish mills have adjusted their domestic scrap purchase prices upwards by a range of TRY 85-170/mt ($7-16mt) as compared to SteelOrbis’ report published on October 5, depending on the grade. Other producers have kept their domestic scrap purchase prices stable on TRY basis, with a $2-3/mt decrease seen their dollar-based prices. An Iskenderun-based mill is still out of the market, declining to accept domestic scrap for now.

As a result, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 3,550-4,320/mt to TRY 3,550-4,355/mt, while on US dollar basis prices have settled at $398-489/mt, versus $401-488/mt previously.

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 8.91