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GMS Market Commentary on Shipbreaking in Turkey in Week 46 - STRUGGLING!!

Steel News - Published on Tue, 20 Nov 2018

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Ever since the recent most market crash, the Turkish ship recycling sector continues to struggle, despite key fundamentals taking turns at gradually improving on a weekly basis. While local steel plate prices have found a new steady base at about USD 330/MT over the last couple of weeks, the Lira continues to strengthen, gradually approaching the TRY 5.0 market (currently at TRY 5.32 at the time of writing).

However, even though indications firmer than those stated on Page 1 of the GMS Weekly have been forthcoming, a lack of local fixtures at these reportedly improved rates is yet to materialize.

Additionally, with subcontinent markets marching almost USD 200/Ton ahead, even smallish LDT tonnage is bypassing the shores of Aliaga, heading East.

As such, other than the bare minimum number of offshore / green units that are departing European shores and heading for Turkish waters, the supply of meaningful tonnage into Aliaga has made it an ongoing struggle for local Recyclers to keep their yards operational.

Unless prices from Turkey improve or levels in the subcontinent fall, Turkey, like China, seems to have entered into its own unique ‘neverland’.

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Posted By : Nanda Koijam on Tue, 20 Nov 2018
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