Eurobench.com

voda 9 juli 2019 19:05

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GMS Market Commentary on Shipbreaking in BANGLADESH in Week 27 - CAUSE FOR OPTIMISM?

This week, there has been some optimism in Bangladesh surrounding the recently imposed (and prohibitive) 10% VAT introduced over the June 13th budget, which may eventually see it overturned thanks to the efforts of the BSBA.

Yet, despite the ongoing fundamental constraints, the reality on the ground is that most yards remain stuffed with tonnage and local Buyers are unlikely to be too aggressive on units for some time, as much of the large LDT (and expensive) previously delivered tonnage is yet to be digested / recycled, whilst banks remain constricted on issuing fresh L/Cs (particularly on larger LDT tonnage).

Adding to local problems have been the torrential rains that have all but completely restricted the output of steel from local yards, leaving demand increasingly marginalized.

Despite all of the prevailing negativity, it seems increasingly evident that certain Cash Buyers are set to speculate on a Bangladeshi return to form - as a result of which, some decent numbers have been forthcoming on several large LDT units viz. VLOCs from Angelicoussis and VLCCs from Bahri in recent weeks (although these are rumored to have a trading angle in mind).

Source : Strategic Research Institute

voda 9 juli 2019 19:06

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NLMK Corporate University joins EFMD association

The Corporate University of NLMK Group, a global steel company, has become a member of the European Foundation for Management Development a leading international association. his not-for-profit membership organization brings together leading business schools and companies committed to developing management systems. EFMD offers accreditation services to business schools, corporate universities, and training programmes, and promotes business education. The association numbers nearly 900 member organizations in 88 countries.

Ms Valentina Satarova, Head of NLMK Corporate University, said that “Joining the EFMD is an important step towards exchanging best practices and developing in line with international standards. EFMD is a professional community that brings together programme designers, professionals from academia, top global business school experts, business coaches, and corporate training experts. Joining the association will propel the development of NLMK Corporate University.”

Source : Strategic Research Institute

voda 9 juli 2019 19:07

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Metalloinvest Jointly Organises World Steel Association Conference on Industrial Safety

Metalloinvest has co-organised an international conference for industrial safety, led by the Industrial and Occupational Health and Safety Committee, a mining industry sub-group of the World Steel Association. NLMK Group hosted and co-organised the two-week event at Stary Oskol. Specialists from Metalloinvest, NLMK Group, ArcelorMittal, Tata Steel, EVRAZ, and the Brazilian company Mineracao Usiminas held presentations at the conference.

Topics of discussion included a range of solutions to ensure industrial safety in the extraction and beneficiation of mined rock. Particular focus was given to the construction and use of the tailings dump, blasting and drilling operations, and the organisation of vehicle and pedestrian transport systems for movement around the production areas.

The second day of the event involved a site visit to see production processes. At Lebedinsky GOK, Metalloinvest’s guests observed blasting operations in the mine and looked around the HBI-3 Plant, one of the largest plants in the world producing hot-briquetted iron.

Conference participants also visited NLMK Group’s Stoilensky GOK, including the mine, crushing and conveyor complex, thickening unit, and pellet plant and tailings dump facility.

This is the first meeting of the WSA’s Industrial and Occupational Health and Safety Committee in Russia. Past meetings took place in Brazil in 2018 and Finland in 2017.

Mr Andrew Purvis, Head of the WSA’s Industrial and Occupational Health and Safety Committee, commented that “Events like this are so important for the metals and mining sector. It allows companies from across the globe to discuss current issues and challenges, exchange experience and share examples of best practice in production.”

Mr Vladimir Trifonov, adviser to the CEO of Management Company Metalloinvest, said that “Metalloinvest’s goal is to completely eliminate accidents during production. We are implementing a range of technological, organisational and management solutions to develop a corporate culture of safety. In this work we aim to use advanced global practices and are prepared to share our experience and technologies with other companies. The conference in Stary Oskol provided a platform for practical dialogue which was valued highly by all participants.”

Source : Strategic Research Institute

voda 9 juli 2019 19:08

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Tata Works Like East India Company - Magsaysay Awardee

Daily Pioneer reported that Magsaysay awardee waterman of India Dr Rajendra Singh alleged that the Tata company is working like the yesteryear’s East India Company by causing damages to rivers and destroying forests and environment preserved by the tribal people for generation together. He further alleged that the company is harassing Adivasis by lodging false cases against them whenever they protest against such acts of the company. The water man said this while visiting Pichhilghat, a disputed site on Sona river bank from where the Tata Steel allegedly drew water for its mining activities by building an illegal construction for long. However, the company demolished the structure after a protest by locals. An intake water storage tank is still there.

Dr Singh urged the company to demolish the rest of the construction otherwise he will himself come again to do the same with local youths.

Then 'Sona' Bachao and 'Karo' Bachao Andolan, Barbil convenor Ashok Thakar escorted Dr Singh to other places where it is alleged that the Tata Steel is polluting the Sona river.

The water man was scheduled to visit other places of Sona and Karo rivers polluted by the mines and factories. Among others, Mahanadi Bachao Andolan convenor Sudarshan Das and international scuba driver Sabeer Bux were present.

Source : Daily Pioneer

voda 9 juli 2019 19:09

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AISI Update on Raw Steel Production in US in Week 27

In the week ending on July 6, 2019, domestic raw steel production was 1,847,000 net tons while the capability utilization rate was 79.4 percent. Production was 1,815,000 net tons in the week ending July 6, 2018 while the capability utilization then was 77.4 percent. The current week production represents an 1.8 percent increase from the same period in the previous year. Production for the week ending July 6, 2019 is down 0.2 percent from the previous week ending June 29, 2019 when production was 1,851,000 net tons and the rate of capability utilization was 79.5 percent.

Adjusted year-to-date production through July 6, 2019 was 50,458,000 net tons, at a capability utilization rate of 81.2 percent. That is up 5.3 percent from the 47,918,000 net tons during the same period last year, when the capability utilization rate was 76.7 percent.

Broken down by districts, here's production for the week ending July 6, 2019 in thousands of net tons: North East: 207; Great Lakes: 688; Midwest: 203; Southern: 679 and Western: 70 for a total of 1847.

Source : Strategic Research Institute

voda 9 juli 2019 19:11

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voda 10 juli 2019 12:56

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Groot banenverlies ArcelorMittal South Africa

Gepubliceerd op 10 jul 2019 om 10:45 | Views: 1.785

ArcelorMittal 12:38
14,71 +0,15 (+1,04%)

JOHANNESBURG (AFN) - Bij ArcelorMittal South Africa dreigen meer dan 2000 banen verloren te gaan als onderdeel van een grootscheepse reorganisatie van het Zuid-Afrikaanse dochterbedrijf van staalproducent ArcelorMittal. De ingreep hangt samen met de moeizame marktomstandigheden in de Zuid-Afrikaanse staalsector.

ArcelorMittal South Africa heeft momenteel ongeveer 9000 werknemers in dienst. Het bedrijf gaat extra initiatieven nemen om kosten te besparen en efficiënter te werken. Naast de zwakte op de staalmarkt in Zuid-Afrika kampt de onderneming met hoge kosten voor bijvoorbeeld elektriciteit, transport en grondstoffen.

ArcelorMittal South Africa waarschuwde verder voor een scherpe daling van de winstgevendheid in de eerste helft van dit jaar. Op de beurs in Johannesburg ging het aandeel ArcelorMittal South Africa woensdag hard omlaag na de berichten.

voda 10 juli 2019 16:19

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More Lenders may Report Misappropriation of Funds by Bhushan Power & Steel - Report

Business Today reported that 2 days after the Punjab National Bank announced the detection of the INR 3,805 crore frauds by Bhushan Power & Steel Ltd, the buzz is that the scope of the fraud may be much wider, involving as many as 33 lenders that have exposure to this company as CBI complaint registered on April 5 against BPSL names several other banks. According to the probe agency, BPSL diverted around Rs 2,348 crore through its directors and staff from the loan accounts of PNB (IFB New Delhi & IFB Chandigarh), Oriental Bank of Commerce (Kolkata), IDBI Bank (Kolkata) and UCO Bank (IFB Kolkata) into the accounts of more than 200 shell companies without any obvious purpose. The CBI said that the company in doing so had misused the funds and the FIR named chairman Sanjay Singhal, vice-chairman Aarti Singhal, along with other directors as suspects.

CBI had stated "It was further alleged that the said Company availed various Loan facilities from 33 banks & financial institutions during the year 2007 to 2014 to the tune of approximately INR 47,204 crore and defaulted on repayments. Subsequently, lead bank PNB declared the account as NPA followed by other banks and financial institutions.”

As per the FIR, the accused used the bank funds for purposes other than sanctioned by the bank by committing forgery for the purpose of cheating, used forged documents and falsified the accounts causing huge loss to the lending banks, financial institutions and the exchequer.

Significantly, sources in the know told the daily that JSW Steel, the highest bidder for the bankrupt company having offered INR 19,700 crore to acquire it, might decide to alter its bid in the future, if more information is revealed about the nature of the fraud.

Source : Business Today

voda 10 juli 2019 16:19

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Tees Valley Mayor Opposes Greybull Capital Move to Buy Some Units of British Steel

Business Live reported that the former owners of British Steel Greybull Capital are reported to be interested in the some of the plants. Greybull Capital is said to have submitted a bid to buy the company’s Lackenby and Skinningrove plants on Teesside and a smaller site at Blaydon in Gateshead. Any sale to Greybull would prove controversial, with the company having been severely critised for its handling of the firm before it went into receivership earlier this year, putting thousands of jobs at risk.

Tees Valley mayor Mr Ben Houchen has urged the Government and the Official Receiver to prioritise other bids for the company and has joined unions in saying that the company should be sold as a whole rather than being broken up. Mr Houchen said “The Financial Times has today reported that Greybull has submitted a bid to acquire the Lackenby and Skinningrove plants. I have been ferociously critical of the company, its practices and its ethics, and my overwhelming preference would be for British Steel to be sold as a whole to another steelmaker, not a private equity firm. There are a number of bids for the whole of British Steel being considered and we must get one of these over the line. I will continue to push the Government and the Official Receiver to consider other bids and not Greybull.”

Source : Business Live

voda 10 juli 2019 16:20

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Scam May Delay JSW Buy of Bhushan Power & Steel - Report

Business Line reported that the recent INR 3,805-crore scam involving Bhushan Power and Steel unearthed by Punjab National Bank may complicate the acquisition of the company by JSW Steel, which had emerged the top bidder for the debt-laden company during the insolvency process. The key question is whether the new owner will be able to take control of the tainted assets.

While Insolvency and Bankruptcy Code says that criminal proceedings against the stressed asset should be dealt separately, the recent Delhi High Court ruling that the money laundering law Prevention of Money Laundering Act prevails over the Insolvency and Bankruptcy Code when it comes to attachment of properties obtained from proceeds of crime. The money recovered from ‘tainted asset’ should be credited to the government, it said.

Any money recovered from the tainted asset has to be credited to the government and JSW Steel, in this case, cannot have any claim over the subsidiaries. However, JSW Steel, which had placed a value to these subsidiaries when it placed the bid for the stressed asset, would turn out to be a loser.

Source : Business Line

voda 10 juli 2019 16:21

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Trump Trade War - Direct Impact on Indian Steel Sector Limited - ICRA

ICRA in a recent report has examined the impact of US imposition of 25% steel tariffs under Section 232 in March 2018. ICRA said “The direct impact of the US import tariffs for India was limited as exports to the US accounted for only 5.5% of India's total steel exports in FY2018. However, a part diversion of steel exports by Korea and Japan, largely impacted by the US import tariffs, kept India's steel imports elevated in IY2019. With the EU extending import restrictions till July 2021 and given the rising trade protectionism globally, a further diversion of shipments to India cannot be ruled out, unless the Indian Government comes out with its own version of additional trade protection measures to shield the domestic steel industry from higher imports.”

ICRA said “Part diversion of exports by Korea and Japan led to an increase in Indian steel imports. While Indian imports from Korea rose by 16% to 3.0 rnillion tonne in FY2019, imports from Japan witnessed a 10% growth and stood at 1.3 rnillion tonne. On the other hand, India's steel import from China dropped by 18% to 1.6 million tonnes as domestic steel prices were tower than the landed cost of Chinese steel during most of this period. Though Korea got an exemption from die US import tariffs, its exports to India may continue unabated.”

Source : Strategic Research Institute

voda 10 juli 2019 16:22

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Hyundai Steel Reduces Sinter Plants Pollution Using SGTS

Korea Times reported that Hyundai Steel will reduce air pollutant emissions from its sinter plants by more than 50 percent by 2021 through operating a sinter gas treatment system. According to the company, the amount of pollutants emitted from sinter plants in Dangjin, South Chungcheong Province, has been reduced since it adopted an SGTS. The emissions of hazardous air pollutants, such as sulfur oxides and nitrogen oxides, have been reduced to the range of 30 ppm and 40 ppm from the original 140 ppm and 160 ppm.

The SGTS uses catalytic converters to remove nitrogen oxides and adds sodium hydrogen carbonate to the sinter mixture to remove sulfur oxides from waste gas.

Two of three SGTS started operations in May and June, respectively, and the additional system will be completed by June 2020.

If all three systems operate without a break, the company expects to reduce the amount of hazardous air pollutants to 10,000 tons in 2021 from 23,292 tons in 2018.

Source : Korea Times

voda 10 juli 2019 16:23

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Trade Unions Call to Withdraw Decision to Stop ArcelorMittal Poland Units

Trade unionists from ArcelorMittal Poland again called on the company's management to withdraw from the decision to temporarily shut down the blast furnace and steel plant in the Krakow steelworks. They have announced protests if the company does not respond positively to their demands within two weeks. In a letter to the chairman of the Geerta Verbeeck company published on Tuesday by the Silesian-Dabrowska Solidarity office, trade unions pointed out that since the decision on the temporary shutdown of the furnace and steelworks was announced, the external conditions for the Krakow works changed. They said "We can not see any actions on the part of the ArcelorMittal Poland Management Board and the ArcelorMittal Directorate, which would lead to withdrawal from the decision to suspend the work of the blast furnace and the steel plant in the Krakow works.”

Trade unionists also pointed out that the management of the concern has not yet informed the social side, when exactly and for how long it will be excluded the raw material part of the Krakow steelworks and what will happen to the employees employed there.

At the beginning of May, ArcelorMittal Poland announced that from September it plans to temporarily suspend the work of the raw material part in the Krakow steelworks, ie a large furnace and steelworks.

Source : Strategic Research Institute

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voda 10 juli 2019 16:25

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Researchers at Iran’s MERC Enhance Biocompatibility of 316L Stainless Steel for Implants

The biocompatibility and corrosion-resistance of 316L stainless steel, which is used in medical implants, has been enhanced by an Iranian research team at the Institute of Materials and Energy. According to Iran Nanotechnology Innovation Council, a research team at MERC has used a coating of sol-gel derived nano-hydroxyapatite–polylactic acid (nHA-PLA) thin films on 316L stainless steel followed by continuous CO2 laser treatment. This process has enhanced the biocompatibility and corrosion-resistance leading to a reduction of the side-effects of implants in the human body. The results of this study were published in the Journal of Surface and Coatings Technology with an impact factor of 2.9.

Institute of Materials and Energy, Also known as The Materials and Energy Research Center was founded in 1971 as the "Center for Materials Properties ", which has research mission in materials engineering, new energies, electronics and environmental pollution. MERC, with 80 faculty members, keeps training specialists through holding workshops and special courses following the motivation to achieve the development in scientific, educational and research activities.

Source : MNA

voda 10 juli 2019 16:25

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British Steel Official Receiver in Discussion with Potential Buyers

Financial Times reported that the official receiver in charge of the liquidation process, Mr David Chapman, will decide British Steel’s fate and has received a number of offers both for the whole business and parts of it. The insolvency service said “After reviewing all the bids the official receiver is now in further discussions with potential buyers who have made the most viable offers for the business.”

Mr Gerald Reichmann, British Steel's chief executive, said "I am pleased to say there has been an encouraging level of interest in the sale of our business from a number of bidders. Due to the complicated nature of the group and its businesses, the evaluation and clarification of the offers received will take time. Further engagement with the interested parties and stakeholders will likely take a couple weeks before a further announcement on the sale process will be made. We remain committed to trying to secure the long-term future of the overall business, and we continue to trade and supply our customers as normal during this process. "The British Steel Support Group, chaired by the business secretary Greg Clark MP and comprising local politicians, British Steel management, trade unions and sector representatives continues to meet regularly."

Trade unions and the government want it to be sold as a single going concern in order to safeguard employment and production.

Mr Alasdair McDiarmid, operations director for the steelworkers trade union Community, said “We are very clear that the business should be sold as a whole and that any attempts to cherry-pick assets should be avoided. We are pleased that selling the business intact remains the primary objective of all stakeholders but it is important that this is upheld to a successful conclusion. Government has a role to play in prioritizing support to bidders for the whole business.”

Source : Financial Times

voda 10 juli 2019 16:29

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POSCO E&C Develops Concrete Conveying Pipes & Pumping Technology

POSCO Engineering & Construction said that it has succeeded in developing concrete conveying pipes and concrete pumping technology in collaboration with four South Korean SMEs and researchers in Civil and Environmental Engineering Department of Myongji University. Conveying pipes capable of withstanding high pressure and advanced pumping technology are necessary to lift concrete to a building with a height of up to hundreds of meters. Construction companies have had to rely 100% on pricey European products due to lack of domestic conveying pipes.

The pipes developed by POSCO E&C, made up of POSCO’s steel, are priced around 40% less than the European products. Yet, they are 30% stronger and 20% lighter than their competitors.

The South Korean construction company has already applied its latest technology in constructing “Haeundae LCT The Sharp” (with a height of 411 meters) in Busan and “Parc One” (with a height of 333 meters) in Yeongdeungpo District, Seoul. “Cheongna City Tower” (with a height of 448 meters) in Incheon will be also built with this technology.

Source : Donga Com

voda 10 juli 2019 16:32

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US DoC Finds Dumping & Countervailable Subsidization of Imports of Steel Wheels from China

US Department of Commerce announced the affirmative final determinations in the antidumping duty and countervailing duty investigations of imports of certain steel wheels 12 to 16.5 inches in diameter from China, finding that exporters from China have sold certain steel wheels 12 to 16.5 inches in diameter at less than fair value in the United States at rates of 38.27 to 44.35%. In addition, Commerce determined that exporters from China received countervailable subsidies at rates from 386.45 to 388.31%.

In 2017, US imports of certain steel wheels 12 to 16.5 inches in diameter from China were valued at an estimated USD 73.8 million.

The petitioners are Worthington Industries and Manchester Tank & Equipment Co.

The U.S. International Trade Commission is currently scheduled to make its final injury determinations on or about August 15, 2019. If the ITC makes affirmative final injury determinations, Commerce will issue AD and CVD orders. If the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.

Source : Strategic Research Institute

voda 10 juli 2019 16:34

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Short Range Outlook for Steel Industries for July 2019 - Irepa

Irepa said that the outlook for the global long steel products market differs for the scrap industry, the steel producing industry and for steel consumers. The market can be described as generally unstable as there is still a lot of uncertainty and even a tweet may turn a lot of things upside down. We are going through a tough period particularly for BOF-based producers, especially due to increasing raw material costs. There have already been closures and threats of potential closures of several BOFs in Brazil, the US, Scotland, China, and perhaps even elsewhere. A similar tough period was observed back in 2016, but it was not long-lasting. It seems as if the only way out is to slow down and stop inefficient facilities.

Ferrous scrap prices are also picking up, but are not expected to stay where they are now since the fundamentals do not support higher levels. Pig iron prices have seen a downward adjustment to match low residual scrap, which has not made any real gains. Overall, in the market there is an excess supply of slabs, while for billets supply and demand are balanced.

Demand in the US market for long steel products has not changed, but supply, especially from domestic mills, seems to be increasing, thus putting pressure on prices. Domestic mills face very little pressure from imports, but, ironically, they are racing against each other to offer deals to even small buyers. On the other hand, US mills are trying to increase their HRC prices, which were unusually low. Of course, the main factor must be the closure of US Steel’s blast furnace-based mills, which have had a hard time competing while using very expensive iron ore.

Canadian mills are now offering to the US with zero duty and will soon gain their number one position as the largest exporter to the US. Mexico has made inroads in the US market, but is cautious as it seeks to avoid further antidumping action on its main products.

The situation in the South American market is pretty much the same as last month. There was a small growth in reinforcing bar consumption in the first five months of this year, but general demand is still very low due to the lack of infrastructure investment. The rebar price level is low when one considers that the iron ore price has hit USD 117 per tonne CFR. Integrated mills have no margin to export. The only business opportunities are within Latin America, where the freight cost is less expensive.

The EU quotas are almost used up for long steel product exports from Turkey, meaning there will not be any more Turkish sales to the EU market for a year. As a result, the supply-and-demand balance will not be in better shape than it is today for the Turkish mills.

The EU market is very quiet, which is very unusual for this time of the year. EU mills have been trying to move prices upwards but in vain. However, they have not been forced to reduce prices in line with developments in the scrap market and, as a result, have very good profit margins. However, EUROFER is complaining that the EU steel industry is suffering and is thus asking for further measures, which will probably make things even worse for the market. Under such circumstances, it will be very difficult to commit to any international transactions. Subsequently, manufacturing in Europe will even be harder due ot the lack of visibility, which eventually will cause considerable damage to downstream industry. Such actions by the EU have already started eroding common values, i.e., open markets, free trade, etc. EU member states may soon start accusing each other due to the inevitable consequences.

It has already been proved that protectionism is not the solution, as prices of HRC in the US are lower than in many other markets nowadays. Free and fair market rules have to be followed. There are already other ways and means to fight unfair trade practices.

We still have no resolution to the US-China trade war. China is not giving in and the US has no reason to do so. Iran as an important steel producer and there is also no resolution in sight in its case. While there has been some positive sentiment after the G20 summit in Osaka, there is not much confidence because of past behaviours and sudden changes in the political arena.

Iron ore pricing soared by 18 percent in June on the back of strong demand and supply disruptions. Some idling of blast furnace production will mean production shifting toward scrap-based electric arc furnaces, which are extending their order books. The production cuts announced by many BOFs in the market will help bring balance to supply and demand.

Internal consumption in China has so far continued to keep exports under control. Any real or prolonged downturn in China will certainly change the direction of the iron ore market trend. Demand for billet imports is increasing in the Chinese market due to the high domestic production costs. The risk of China exporting steel products is absent, which helps support a balance between supply and demand. On the contrary, China is becoming a destination for semi-finished products. Going forward, we can expect continued investment in the electric arc furnace route in China.

Competition in regional markets is intense, but there is much less competition from deep sea sources due to protectionism. The lack of consumption pushes competition higher. There are very few markets left for exporters.

Demand in Western markets is expected to stay slow for the short term, but we might expect the markets to firm up during the last quarter of this year due to production costs and the anticipated slowdown in production.

As for raw materials, the summer will likely see some decent demand for scrap, which will mean stable pricing. The iron ore to scrap ratio is at a low point. In this respect, scrap looks cheap. The summer period in the European market will draw down scrap availability.

The activity in the global long steel products market is expected to be slower than usual during the summer. In general, the market is unstable and the outlook for the next quarter is foggy.

Source : Strategic Research Institute

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voda 10 juli 2019 16:35

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Andhra Pradesh CM Assured People over Steel Plant in Kadapa

Deccan Chronicle reported that AP Chief Minister Mr YS Jagan Mohan Reddy has assured people in Kadapa to lay foundation for the Steel Plant. He insisted that the Plant will be at Jammalamadugu area, but didn’t disclose whether it is Brahmani or other. He alleged that the previous government’s decision, was to set up a Steel Plant at Kambaladinne area, which is also in Jammalamadugu Assembly constituency. Mr Reddy said that “We are looking for a Steel Plant nearer to us. It has become a dream for all. It was politicised. They had made dramas. When it completes, we will get a good name. No works have been progressing in the Plant and it was completely stopped. Our government will construct a Steel Plant. We will lay foundation for the Steel Plant on December 26 and it would be completed within three years. The Steel Plant will provide employment to 20,000 people.”

The Chief Minister comments are regarding Brahmani Steel Plant only. But, he has not mentioned the name of the Plant. But it indirectly indicates the same Plant. The public attended the meeting and made high pitch slogans supporting to the Steel Plant’s announcement made by Mr Reddy.

The State Government and Gali janardan Reddy signed the Memorandum of Understanding. In 2007, this Plant was inaugurated in grandeur and it was named as Brahmani Steels Limited with an annual production capacity of 1.7 million tonnes per annum, to be expanded to 10 million tonnes per annum, within 10 years of tenure. The works for this plant was begun form 2007 and continued in speed. The government allotted lands to Brahmani Steels at INR 18,500 per acre.

Source : Deccan Chronicle

voda 10 juli 2019 16:35

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GMS Market Commentary on Shipbreaking in Turkey in Week 27 - WHAT’S NEXT?

Rentals remain rigid in Turkey ie distressed and relatively unmoved, the aching question in the minds of industry players (Aliaga recyclers, Ship Owners, and Cash Buyers alike), is “What’s Next” for this market. Local steel plate prices have been stranded at region USD 290/MT for over a month now and the local currency although firmer than that from last week still relatively weak today at TRY 5.62 against the US Dollar, when the week ended.

The hurtful shortage of supply of tonnage has encouraged local Buyers to keep their offers elevated well above what local fundamentals “could” justify, yet, local purchases have remained few and far between.

Even though Ship Owners could enjoy some firm-ish offerings from the Turkish markets for the time being, as subcontinent levels continue to dither, Turkey may eventually re enter the limelight for decent LDT units opening up in the Med.

Source : Strategic Research Institute

Vertraagd	12 feb 2025 10:22
Koers	26,760
Verschil	+0,080 (+0,30%)
Hoog	26,910
Laag	26,450
Volume	501.037
Volume gemiddeld	2.559.309
Volume gisteren	2.743.889

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