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GMS Market Commentary in Turkey in Week 11 - PRECARIOUSLY POISED

Steel News - Published on Tue, 19 Mar 2019

Image Source: The Maritime Executive
After a recent few shaky weeks of declining levels, local steel plate prices seem to have found some stable footing at the USD 325/MT mark over the last couple of weeks. Moreover, whilst we were expecting local offerings to decline as a result of this, prices for ships have (surprisingly) managed to stay stable during this time. Adding to the overall stability has been the TRY, which too has managed to firm up a little towards the end of the week, inching closer to the TRY 5.40 mark against the US Dollar, as opposed to the TRY 5.50 from last week.

However, what has remained unchanged has been the cautious / precarious local sentiment of Aliaga Recyclers, who have not been eager to come forward with firm offers, fearing possible declines ahead.

Overall though, today’s local offerings are a lot better than those from a few months ago, where prices were lingering around the lowly USD 230 - USD 240/MT mark and given Turkey’s current levels, there are still decent margin deals to be concluded with parties who have assets in the area and are looking for a quick deal.

Source :

Posted By : Rabi Wangkhem on Tue, 19 Mar 2019
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