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GMS Market Commentary on Shipbreaking in Turkey in Week 03 - SEE-SAW!

Steel News - Published on Tue, 22 Jan 2019

Image Source: SteelGuru
Although local steel plate prices recorded a marginal USD 5/Ton improvement this week, local Recyclers are attributing this firming to a strengthening Lira against the U.S. Dollar, which fell from a high of nearly TRY 5.5 to TRY 5.3 by the time the week ended.

While this has not (positively) affected local sentiments a great deal (local Recyclers are still cautions to offer strong given the volatility of recent weeks), offers for ships remain suspended at the current lows.

Even though the current prices remain grossly inadequate at attracting any market tonnage to Aliaga shores, Ship Owners of offshore units and those intended for strictly green recycling are still considering Turkey as a viable destination, as news of at least one off market sale from a major Owner to a Turkish Recycler, surfaced week.

Overall, marred by the performance of its domestic fundamentals, the Turkish market continues to struggle with acquiring its share of tonnage and until there is a noteworthy improvement to one (or both) fundamental(s), this increasingly festering situation is expected to remain.

Source :

Posted By : Joykumar Irom on Tue, 22 Jan 2019
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