The low supply of
vessels persisted during the second week of October with only two vessel
hitting the shores of Aliaga.
With the majority of
steel mills and scrap buyers being on standby mode due to the continuous
falling steel prices, there was no encouragement for improvement in the prices
offered by the Turkish buyers, but rather the contrary, prices moved further
downwards.
Despite the slow movement
of the market due to the Eid holidays, the local sentiment remained negative
with rumours that there will be further depreciation due to the cheaper scrap
metal which is imported and the negative trend on the steel products value.
The only positive factors
for the local pricing was once again the low supply of tonnage, and the
relatively stable currency. Nonetheless these alone were not sufficient of
bringing a halt to the negative trend.
Source: steel guru. 14
October 2014
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