After weeks of crushing falls, there appeared to be a glimmer of hope via stabilizing levels from the Turkish market. The US Dollar remained weak against the Turkish Lira this week (ending at TRL 2.22), resulting in a slowdown in the decline in levels for ships.
While ship owners remain eagerly awaiting for local prices to bounce back, local recyclers are still anticipating a further fall in prices due to the continued import of cheap steel products from the Far East.
As such, the diminished levels continue to affect the inflow of tonnage as only a few small LDT vessels have reportedly arrived the waterfront this week.
Source: steel guru. 4 November 2014