Turkey’s domestic scrap prices revised upwards as mills focus to secure tonnages

Over the past week, most Turkish producers announced increases by TRY 100-900/mt or $2-30/mt. The depreciation of the Turkish lira against the major currencies and moving up the psychological threshold of 29 to a dollar this week is forcing Turkish mills to increase their domestic scrap prices. Also, as producers keep silent on the import scrap segment, they are securing domestic scrap flow to their yards by raising quotations. Since the beginning of December, domestic benchmark scrap prices in Turkey have increased by around 7.97 percent on average, which is very similar to the rise observed on the import scrap segment.

While general range in the local Turkish scrap market for the benchmark DKP grade scrap has moved up on the upper end from TRY 10,300-12,200/mt to TRY 11,200-12,400/mt, dollar-based quotations have increased from $356-421/mt to $385-427/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 29.06