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GMS Market Commentary on Shipbreaking in Turkey in Week 28 - ENTOMBED

Steel News - Published on Thu, 18 Jul 2019

Image Source: Offbeat Travelling
As stated in the market commentary, the Turkish market once again appears to be entombed by the pressure of its local fundamentals. Local steel plate prices remain stranded at the USD 290/MT mark and the Turkish Lira started depreciating once again this week, progressing towards the TRY 5.80 mark. All of this is further amplified by the continually discouraging shortage of tonnage that has left local Recyclers severely starved for units. The occasional news of small LDT units gracing the waterfront does prop up from time to time; however, the overall situation remains bleak as local Recyclers are finding it hard to keep their yards occupied and minimize their operational losses.

Even the weakening subcontinent markets have done little to alleviate pressure in Turkey, leaving this market in a compelling state.

Source :

Posted By : Amom Remju on Thu, 18 Jul 2019
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