22 July 2014

GMS weekly report on Turkey ship breaking industry for WEEK 29 of 2014:

The ongoing dearth of tonnage continues to keep demand prevalent and prices from the local market, relatively firm. In fact, there are a few (eager) local recyclers, who are willing to offer a few notches above prevailing levels, just to get a unit or two and keep their yards active, rather than risk facing closure.

Notwithstanding, there may be some hope for the local market in the coming weeks. As was anticipated by local recyclers, the conclusion of the month of Ramadan would see the market pick up and supply increase and as is being reported, a dip in the freight rates in the Med / Black Sea area did see supply firm up by a touch this week.

Accordingly, we may well see Turkey take in a fair share of sales in August.

Source: steel guru. 22 July 2014

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