Some Turkish mills start to cut their domestic scrap prices

Over the past week, the fall observed in the deep sea scrap segment has caused some Turkish producers to take action and cut their domestic scrap procurement prices, with decreases by TRY 200-225/mt or $9-11/mt seen. As the Turkish lira closes the current week at 31.34 against the US dollar, the fall in dollar-based prices was steeper. While some Turkish producers have kept their lira-based prices stable, their dollar-based prices declined by $2-3/mt. The downward movement of domestic scrap market may continue in the coming week, as the pressure on the deep sea and short sea scrap segments will take a toll on the local market.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has declined from TRY 12,200-13,250/mt to TRY 12,050-13,190/mt. Dollar-based quotations are now at $384-421/mt instead of $396-430/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 31.34