Turkish mills cut domestic scrap procurement prices

Over the past week, a good number of Turkish mills decided to cut their domestic scrap procurement prices by TRY 100-400/mt or $24-37$/mt. The ones that kept their Turkish lira-based prices stable observed a $11-22/mt cut in their dollar-based quotations amid the sharp depreciation of the Turkish lira against the US dollar. Due to the slow down in their finished steel sales, Turkish mills have taken a break from import scrap purchases which is also exerting pressure on the local scrap market. 

The general range in the local Turkish scrap market for the benchmark DKP grade scrap is currently in the range of TRY 7,900-9,650/mt ($334-408/mt), from TRY 7,200-8,4500/mt ($359-422/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 25.07