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GMS Market Commentary on Shipbreaking in Turkey in Week 19 - KEEPING UP WITH THE CERRASSHING!!

Steel News - Published on Wed, 15 May 2019

Image Source: Materials Recycling World
After weeks of lingering in a weakened state with local steel plate prices bouncing around the TRY 315 mark and the Turkish Lira dwindling towards the TRY 6.0 mark against the U.S. Dollar, this week, both fundamentals depreciated in unison and kept up with the crashing subcontinent markets. Whilst Turkish steel plate prices dropped USD 10/MT (to USD 305/MT), the Turkish Lira declined to nearly TRY 6.25 midweek, settling back down towards the TRY 6.05 mark (at the time of writing).

Clearly, this did little to keep the already nervous sentiment from staying where it was as local offerings on units declined by USD 10/Ton. Although one would’ve expected prices to drop further than that, the pinching shortage of tonnage is doing its share to helping Aliaga on the pricing front.

As such, should prices hold and the subcontinent prices continue to fall, things may not be as bad for Aliaga in the weeks ahead. Unfortunately for now, the market will remain precariously poised for the time being.
Both fundamentals decline.

Source :

Posted By : Rabi Wangkhem on Wed, 15 May 2019
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