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GMS Market Commentary On Shipbreaking In TURKEY In Week 24 - NO MAN’S LAND!

Steel News - Published on Wed, 19 Jun 2019

Image Source: SteelGuru
Post-Eid, nothing has really changed in Turkey. Local steel plate prices remain stagnated and the Lira, though still in the high TRY 5s against the US Dollar, has suffered a minor decline towards the TRY 5.9X mark. Like the Pakistani market, Turkey remains starved of tonnage, given that most medium to large sized units can sail to the sub-continent markets where prices are nearly USD 150 per tonne higher. Moreover, there are fewer prospective units opening up in European waters, which has made it virtually impossible for Aliaga recyclers to conclude any meaningful tonnage.

As such, the lack of availability of units has managed to keep prices artificially higher than where the recently declining fundamentals should have dropped them to. Given the scarcity of tonnage and the inability of the market to make any meaningful improvements, Turkey does seem to be stuck in no-man’s land.

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Posted By : Ratan Singh on Wed, 19 Jun 2019
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