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GMS Market Commentary on Shipbreaking in Turkey in Week06 - RESURGENT MOVES!!

Steel News - Published on Tue, 12 Feb 2019

Image Source: SteelGuru
The recent actions by local Recyclers at restricting the resale of ship’s steel to domestic steel mills has certainly ignited a fire in local steel prices. Over the last couple of weeks alone, average steel plate prices have jumped from USD 285/Ton to USD 325/Ton at the close of this week.

This in turn has helped pricing for vessels to improve another USD 10/MT with further improvements expected in the week ahead. The Turkish Lira also seems to have found its ‘safe space’ at the TRY 5.25 – 5.30 region against the U.S. Dollar, further adding to the local confidence as local Recyclers look to get back into the buying and competitively take on some of the market vessels opening up in the Med.

For the most part however, as with India, Turkish Recyclers have been focusing on the ongoing (relatively) steady supply of offshore units for green recycling as some of the major drilling contractors continue to deliver their units into Aliaga.

Overall, while the strategy of curtailing steel output to the domestic mils seems to have quickly paid dividends in the short run, just how far this strategy will continue to work, remains to be seen. For the time being however, Owners of prospective units can certainly bank on the firming levels to snag a good deal (or two).

Source :

Posted By : Rabi Wangkhem on Tue, 12 Feb 2019
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