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GMS Market Commentary on Shipbreaking in Turkey in Week 15 - MAROONED!!

Steel News - Published on Thu, 18 Apr 2019

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As political confusion after the outcome of the recent elections gradually settles in, we continue to see shaky fundamentals as both local steel plate prices and the currency continue to see their share of wobbles over recent weeks. Not only did local steel plate prices dither towards USD 315/MT, but the Turkish Lira too has crumbled as it briefly passes the TRY 5.8X mark against the U.S. Dollar, settling in at just under as the week ended. The weakening fundamentals have not done any favors for local sentiments whereby local offerings have reportedly dithered, even though there have not been any market fixtures to ascertain where levels really stand today.

As levels in the subcontinent continue to firm, this will certainly intrude on the ability of Turkish recyclers to conclude any meaningful tonnage, as most Owners will divert their units towards subcontinent shores for the higher levels on offer.

As such, Aliaga Buyers seem marooned on a desperate island where firming competition is compelling them to maintain their levels, even though key fundamentals are making it harder for them to doo.

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Posted By : Rabi Wangkhem on Thu, 18 Apr 2019
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