The low supply of vessels persisted during the second week of October with only two vessel hitting the shores of Aliaga.
With the majority of steel mills and scrap buyers being on standby mode due to the continuous falling steel prices, there was no encouragement for improvement in the prices offered by the Turkish buyers, but rather the contrary, prices moved further downwards.
Despite the slow movement of the market due to the Eid holidays, the local sentiment remained negative with rumours that there will be further depreciation due to the cheaper scrap metal which is imported and the negative trend on the steel products value.
The only positive factors for the local pricing was once again the low supply of tonnage, and the relatively stable currency. Nonetheless these alone were not sufficient of bringing a halt to the negative trend.
Source – GMS Weekly
Yaang Pipe Industry