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GMS Market Commentary on Shipbreaking in Week 37 in Turkey - TURKISH TUMBLE!

Steel News - Published on Wed, 18 Sep 2019

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The Turkish market took an admirable tumble, with local steel plate prices declining by over USD 30/MT during the course of the week, sending offers on prospective units plummeting in kind. Despite the Turkish Lira improving this week (towards the TRY 5.70 mark against the US Dollar), it did little to stabilize the weakening sentiment as local Recyclers started fearing for the worst amidst a plate price that seemed to be in free fall.

As such, local Buyers even stopped offering on units, hoping for some sort of stability to soften the tumbling plate prices, before starting to negotiate on proposed units.

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Posted By : Rabi Wangkhem on Wed, 18 Sep 2019
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