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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