Turkish mills increase domestic scrap prices further

Turkish mills have increased their domestic scrap purchase prices further today, October 18, with the depreciation of the Turkish lira against the US dollar breaking another historical record with the exchange rate now at 9.27. The increases in question are in the range of TRY 50-650/mt as compared to October 15, causing a $6/mt decrease on the lower end of the price revision and a $5-62/mt rise for others. The few Turkish mills that have decided to keep their prices stable in this period have decreased their dollar-based quotations by $7-11/mt.

After the price adjustments, the general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 3,550-4,560 to $3,550-4,655/mt, while on US dollar basis they have settled at $383-502/mt, versus $385-494/mt on October 15.

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 9.27