Another week went by highlighting the relatively weakened state of the Turkish Lira. Having hit its weakest point at the end of Jan (over the last 13 months), the fluctuation range was between TRL 2.196 and 2.285 against the US Dollar with the Lira closing on Friday at TRL 2.22, slightly stronger than where it had opened last Monday.
Still, it remains in a comparatively weakened state, lingering at the lowest levels seen over the last year. Meanwhile, the local market sentiment remained on the negative end of the spectrum as indicate prices for potential tonnage came off by region USD 5/Ton and talks of the market further weakening in the upcoming days, perhaps by another USD 5 per tonne to USD 10 per tonne.
In addition to the jumping Lira, another reason for the fall in prices is being attributed to the comparatively cheaper scrap steel being imported from the Black Sea area that is placing an increased pressure on prices for ships.
Source: steel guru. 11 February 2014