The weekly Davis Index for DKP scrap (equivalent to bonus grade) in Turkey inched up by TRY4/mt ($0.60/mt) to TRY1,931/mt delivered on Monday, and inched up by TRY10/mt ($1.50/mt) to TRY1,827/mt delivered, for extra grade (equivalent to HMS 1&2 [85:15]) as the price increases ended.
The market sentiment became negative after prices for domestic scrap in Turkey changed direction several times during the week. Local scrap prices increased until the middle of last week before they started to descend with demand and steel product sales showing signs of weakening.
Colakoglu Metalurji and Diler Demir Celik decreased their purchase prices on June 20. They are now paying TRY1,945/mt delivered and TRY1,880/mt delivered, respectively, for DKP grade, and TRY1,820/mt delivered and TRY1,800/mt delivered, respectively, for extra grade.
Erdemir and Isdemir followed and reduced their purchase prices on June 22. The two mills are now paying TRY1,980/mt delivered and TRY1,795/mt delivered, respectively, for DKP grade, and TRY1,975/mt delivered and TRY1,790/mt delivered, respectively, for extra grade.
Kardemir kept its purchasing price unchanged at TRY2,075/mt delivered for DKP grade and at TRY1,915/mt delivered extra grade. The mill has kept prices at this level since June 12.
In Izmir, the purchase prices for shipbreaking scrap rose by $2/mt to $260/mt delivered on June 17 but dropped by $5/mt to $255/mt delivered on Monday.
($1 = TRY6.84)