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GMS update on shipbreaking in Turkey in Week 10 - STABLE…FOR NOW

Steel News - Published on Tue, 12 Mar 2019

Image Source: SteelGuru
Turkish local steel plate prices seem to be imitating moves from the Indian market, as an omnipresent volatility seems to have permeated its performance of late. Over the last several weeks / months, plate prices have jumped from a low of USD 280/MT to a high of USD 335/MT and down to USD 325/MT over the past couple of weeks, which certainly has the hallmarks of a market on edge. Although the intentionally induced firming in levels by local Recyclers (by restricting resale of ship’s steel to the domestic steel mills) was a welcome change, its effect seems to be wearing off as plate prices continue to jump around, trying to find a stable footing.

Expectantly, local Recyclers have been nervously observing these moves with a greater degree of caution as given the recent fluctuations, further declines could well be right around the corner.

As such, even though local offerings have not immediately declined during the course of the week, there’s no guarantee levels will remain where they are in the near future, especially if plate prices decide to take another dip in the coming week(s).

The Turkish Lira isn’t being much help either, as it declined for the first time (in quite a while) dipping closer towards the TRY 5.50 mark against the U.S. Dollar.

As such, given this week’s performance, it does feel as though Turkey’s short positive sprint may have run its course.

Source :

Posted By : Rabi Wangkhem on Tue, 12 Mar 2019
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