Turkey’s domestic scrap market declines

Over the past week, Turkey’s domestic scrap prices have declined under the pressure exerted by Turkish mills. The decrease in local scrap prices was by TRY 50-750/mt or $12-34/mt. While some Turkish producers have kept their prices stable, dollar-based quotations declined by $7-12/mt with Turkish lira depreciating to 31.96 against the US dollar. While deep sea scrap prices have given the first signals of stabilization, domestic scrap quotations in Turkey may wait for further indication from the short and deep sea markets in the coming week.

General range in the local Turkish scrap market for the benchmark DKP grade scrap has declined from TRY 12,050-13,190/mt to TRY 11,800-13,150/mt. Dollar-based quotations are now at $369-411/mt instead of $384-421/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 31.96