Turkish mills take back their recent price increases for domestic scrap procurement

Since SteelOrbis’ report published on December 21, Turkish government’s new monetary tool has successfully caused an appreciation of the Turkish lira against all major currencies. As a result, Turkish mills which were forced to increase their prices to offset the currency, are now taking back their recent price increases. All mills have reduced their domestic scrap purchase prices since December 21 by TRY 250-2.500/mt. This move has resulted in a $17/mt increase for the lowest end, while caused $21-166/mt decreases for all the rest.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has decreased from TRY 5,250-7,600/mt to TRY 4,500-6,350/mt, while on USD basis they have been revised from $411-595/mt to $382-539/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 11.79