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GMS Market Commentary on Shipbreaking in Week 44 in Turkey - Silver Linings

Steel News - Published on Fri, 08 Nov 2019

Image Source: steelguru.com
Over the course of the last several weeks, the Turkish market has certainly seemed to be going through a resurgence of sorts. Not only have local steel plate prices remained relatively steady near the TRY 5.7X mark against the U.S. Dollar, local steel plate prices have also been reporting increases nearly every week, ever since their declines leveled off several weeks ago. As such, as of the end of this week, average Turkish plate prices reported another USD 7/Ton improvement, ending the week at USD 252/MT. Whilst some local players reckon this firming will not continue in the coming weeks (since plate prices now match the levels of incoming scrap imports), there are those who reckon that steel markets may well continue to firm up.

For now however, Turkey continues to become an increasingly favorable location for units opening up in the Med, especially given that local vessel prices have jumped another USD 10/Ton this week, whilst subcontinent pries remain suspended in absurdity.

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Posted By : Rabi Wangkhem on Fri, 08 Nov 2019
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