Local Turkish scrap market continues to move up

Over the past two weeks, most Turkish producers have increased their domestic scrap prices. The Turkish lira has continued to depreciate and the exchange rate has closed the current week at 30.68 against the US dollar. Local scrap prices have increased by TRY 250-1,000/mt or $3-28/mt. In rare situations where Turkish producers have kept their prices stable, dollar-based quotations have declined by $3-5/mt. While deep sea scrap prices are softening, Turkish mills would like to secure domestic scrap flow and wait as long as they can to continue exerting pressure on the import scrap segment.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 11,200-12,900/mt to TRY 12,200-13,150/mt. Dollar-based quotations are now at $398-429/mt, instead of $370-426/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 30.68