Turkish mills raise their domestic scrap prices to secure tonnages

Over the past two weeks, Turkish mills have focused on domestic scrap procurement and by increasing their quotations have secured good amounts of scrap. While some domestic scrap sellers find the current price levels to be on the low side due to their narrow profit margins, the scrap flow particularly in the southeastern regions of Turkey is considered plentiful. Turkish mills have increased their quotations by TRY 250-1,450/mt since the beginning of June, but, due to the sharp depreciation of the Turkish lira, dollar-based quotations have declined by $7-43/mt despite the upward revisions.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap is currently at TRY 7,900-9,650/mt ($334-408/mt), up from TRY 7,200-8,450/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 23.66