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GMS Market Commentary on Shipbreaking in Week 36 in Turkey - SUFFERING!

Steel News - Published on Wed, 11 Sep 2019

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The ongoing suffering for the Turkish market was further exaggerated this week amidst a rapidly declining local steel plate price that fell by about USD 25/MT as the week ended.

Instantly, local offerings reciprocated in kind and even though there remains virtually no meaningful tonnage being proposed into the Turkish market, there was a noteworthy hesitance from Aliaga Recyclers on even indicating / offering on the marginal number of units being discussed this week.

Notwithstanding, through all of the local downfalls, the firming Lira (which improved from TRY 5.82 to about TRY 5.70 against the US Dollar as the week ended) did little to ease local fears of further falls in the coming week(s) ahead and local sentiment remained severely muted.

Overall, the situation seems to be getting worse for the Turkish ship recycling sector as subcontinent declines have slowed in comparison whilst Turkey’s declines have continued over the last couple of weeks, leaving Aliaga Buyers with increasingly fewer opportunities on medium-to-large LDT units.

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Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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