Yet another dry week has gone by with minimal recycling activity followed by an expected minimal inflow of vessel’s locally. Local prices have improved marginally this week, which hopefully will attract some interest.
From the currency perspective, the TRY depreciated slightly against the USD from TRL 2.218 to TRL 2.232 by COB Friday. End buyers are becoming eager to purchase units as they need to keep their yards operating. And with the low supply of vessels on show, some may be more aggressive by taking slightly more risk to try and secure tonnage their way.
Source: steel guru. 25 March 2014