Another
week went by highlighting the relatively weakened state of the Turkish Lira.
Having hit its weakest point at the end of Jan (over the last 13 months), the
fluctuation range was between TRL 2.196 and 2.285 against the US Dollar with
the Lira closing on Friday at TRL 2.22, slightly stronger than where it had
opened last Monday.
Still,
it remains in a comparatively weakened state, lingering at the lowest levels
seen over the last year. Meanwhile, the local market sentiment remained on the
negative end of the spectrum as indicate prices for potential tonnage came off
by region USD 5/Ton and talks of the market further weakening in the upcoming
days, perhaps by another USD 5 per tonne to USD 10 per tonne.
In
addition to the jumping Lira, another reason for the fall in prices is being
attributed to the comparatively cheaper scrap steel being imported from the
Black Sea area that is placing an increased pressure on prices for ships.
Source: steel guru. 11 February 2014
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