An unstoppable decline of local steel plate prices remains the highlight of the tenth month of this year for the Turkish market.
It does not look like that October will bring any sort of stability or hope for the domestic shipbreakers, who appear to have totally lost momentum and are left watching the values of their acquired units drop by nearly 10% during the past week alone, and by more than 20% through the course of the month.
As such, end buyers are no longer keen to purchase market tonnage at any levels starting with 3, despite the fact that they desperately need to see their yards operating, be it at losses, or risk shutting down entirely.
Source: steel guru. 21 October 2014http://www.steelguru.com/international_news/GMS_weekly_report_on_Turkey_ship_breaking_industry_for_WEEK_42/351254.html