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GMS Market Commentary on Shipbreaking in Turkey in Week 32 - NO WHERE TO GO!

Steel News - Published on Wed, 14 Aug 2019

Despite relatively steady fundamentals i.e. a Turkish Lira that’s been buoying around the TRY 5.6X mark against the US Dollar and local steel scrap prices that seem to be enjoying a newfound stability around the USD 290–295 per tonne region, the malignant shortage of tonnage has left Aliaga Recyclers paralyzed in no-man’s land. The onset of Eid with the Turkish market being on holiday for much of this week will also do little to improve the local market situation.

Overall, tonnage fixtures remain few and far between and despite a narrowing price gap with the subcontinent markets (especially when compared to the Indian market) that has been the smallest we have seen over the last year, the Turkish market is no closer to becoming an active recycling destination any time soon.

As such, unless the supply of units opening up in the area improves or price declines from the subcontinent continue unabated, resulting in levels from both locations getting to within striking distance of one another, we do not anticipate any positive moves from Turkey in the near future.

Source :

Posted By : Ratan Singh on Wed, 14 Aug 2019
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