The Turkish market proved to be a real
head-scratcher this week. At the onset, the Turkish Lira declined to its lowest
level ever - briefly trudging past the TRY 4.0 mark against the US Dollar but
firmed marginally before the end of the week, sitting at TRY 3.98 (at the time
of writing). On the flip side, local steel plate prices started to inexplicably
rise and have done so over the last couple of weeks.
Why this has given Aliaga Recyclers the
impetus to firm up their numbers for ships remains a puzzling phenomena as
local offerings have reportedly jumped this week, crossing $300/MT (for
tankers).
Is it the potential of a brewing global trade
war due to President Trump’s impending tariffs or the feared subsequent
collapse of local steel plate prices or the prevailing concerns of far stronger
offerings from the sub-continent markets that are compelling Aliaga Recyclers
to remain increasingly competitive, are certinaly questions on everyone’s
minds.
For now, Ship Owners may revel on the firmer
levels, which we suspect won’t be for much longer, especially if the Lira
continues to decline.
Source: steel
guru. 28 March 2018
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