Another positive week was marked with local prices further improving along with a small rebound for the Turkish Lira. This should (hopefully) trigger some much-needed SNP and recycling activity as more vessels would s hit Turkish shores in the near future to satisfy the demand.
From the currency perspective, the TRY appreciated against the USD from TRL 2.24 which was breached on Monday, to TRL 2.19 where it closed on Friday. End buyers continue holding out for an up swing in local recycling activity as positive post election sentiments are expected.
Source: steel guru. 1 April 2014