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GMS Market Commentary on Shipbreaking in Turkey in Week 20 - DROWNING!!

Steel News - Published on Wed, 22 May 2019

Image Source: Materials Recycling World
The Turkish market seems to be drowning of late, with the currency and (especially) local steel plate prices, which have been declining over the course of the last few weeks. While the currency continues to dither at the TRY 6.05 mark against the US Dollar, it’s the average local steel plate price that has declined to USD 290/MT, down by another USD 15/MT over the course of 5 working days, which has further asphyxiated the local sentiment.

The only saving grace for Turkish pricing (which has fallen by about USD 10/MT over the working week) has been the starving shortage of tonnage.

Moreover, declining subcontinent prices may also rescue Aliaga recyclers where smaller LDT units may not find it financially beneficially to sail to subcontinent shores.

As such, the Turkish market seems to be suspended in a confused state at the moment.

Source :

Posted By : Rabi Wangkhem on Wed, 22 May 2019
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