Turkish mills increase domestic scrap prices amid depreciating TRY

A few Turkish mills have announced upwards revisions in their domestic scrap purchase prices today, October 13, amid the depreciation of the Turkish lira against the US dollar as the lira is now at 9.05 against the dollar - a historical low. Turkish mills are having a hard time securing deep and short sea scrap tonnages nowadays, and so the continuation of local scrap flow has more importance. The increases in question are in the range of TRY 100-185/mt or $7-17/mt as compared to October 11. Most other mills have kept their prices stable in this period, with a $3-4/mt decrease in their dollar-based prices. Koç Metalurgy stated that they will not accept domestic scrap until the end of 2021.

After the price adjustments, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has remained at TRY 3,550-4,410, while on US dollar basis they have settled at $392-487/mt, versus $396-492/mt On October 11.

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 9.05