Turkish mills’ domestic scrap procurement prices soften on the upper end

Over the past week, Turkish mills’ local scrap procurement prices have softened a little on the upper end. Some producers have cut their prices by TRY 100-200/mt or $6-11/mt. Other producers have kept their prices stable week on week, with a $2-3/mt decrease on dollar basis due to the depreciation once again of the Turkish lira against the US dollar. Since Turkish steelmakers have completed their deep sea scrap purchases for September shipment, they are in no rush to conclude more domestic scrap deals. On the other hand, they want to maintain scrap flow to their domestic scrap yards and so the decreases were not large.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap is currently at TRY 9,000-10,150/mt ($337-380/mt), from TRY 9,000-10,350/mt ($340-391/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 26.71