16 September 2014

GMS weekly report on Turkey ship breaking industry for WEEK 37 of 2014:

Only a couple of small units (about 2,000 to 4,000 lightweight) were delivered during the second week of September, failing once more to satisfy the demand of the domestic recycling market. Consequently, in an effort to acquire tonnage, prices offered by the Turkish buyers improved by about USD 3 per tonne to USD 5 per tonne.

However, putting a damper to the rising prices was the Turkish Lira that depreciated by more than 2% by the close of the week, which is raising questions as to whether such levels are going to be maintained throughout September.

Despite the local fundamentals sending mixed signals, it certainly appears that there are local buyers ready to take speculative positions above the current market levels for vessels with significantly bigger lightweight, in their attempts to keep their facilities operating.

Source: steel guru. 16 September 2014

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