Local Turkish scrap market continues to move up as lira depreciates

Over the past two weeks, most Turkish producers have increased their domestic scrap prices to compensate for the depreciation of the Turkish lira against the US dollar as well as to secure scrap in some cases. The Turkish lira has closed the current week at 30.31 against the US dollar. Local scrap prices have increased by TRY 200-850/mt or $4-25/mt. In rare situations where Turkish producers have kept their prices stable in the local currency, their dollar-based prices have declined by $3/mt. Since Turkish producers have completed their purchases of deep sea scrap cargoes for February shipment, their focus has returned to the local market and the sustainable flow of domestic scrap.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 11,200-12,465/mt to TRY 11,200-12,900/mt. Dollar-based prices are now at $370-426/mt, instead of $372-414/mt recorded last week.

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 30.31