Turkey’s domestic scrap market shows diverse trends

During the past week which has been silent in terms of trading activity, some Turkish mills have decided to follow diverse trends in terms of domestic scrap pricing. The mills that cut prices announced a decline of TRY 200-400/mt or $14-21/mt as compared to the levels recorded before the end-of-Ramadan holiday. Over the holiday period, the general price range in the local Turkish scrap market had remained stable for DKP grades in the range of TRY 11,800-13,150/mt. This week though, one integrated Turkish mill has raised its domestic scrap quotations by TRY 300/mt or $1/mt. The depreciation of the Turkish lira against the US dollar from 31.94 to 32.60 had a significant impact on dollar-based prices or changes in dollar prices. Accordingly, the Turkish mills that kept their scrap prices stable in the local currency during this period cut their dollar prices by $5-8/mt.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved up on the upper end by TRY 300/mt to TRY 11,800-13,450/mt in the local currency. Dollar-based prices are now at $362-413/mt, instead of $369-412/mt before.

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 32.60