A quiet week in terms of concluded business and general market activity with the holiday season in full swing. Respectively the number of market candidates is limited at the moment and although appetite for new tonnage should increase from Bangladesh and Pakistan again after the EID festive came to an end we have to see if the imbalance of supply and demand will lead to increasing prices. The Indian market keeps snapping up tonnage for HKC compliant recycling and finally the Evergreen Units were committed to Buyers at healthy price levels.
Prices for melted scrap in India improved by $10 from $296 per mt to $306 and plate prices increased further to $380 per mt during the week. Sentiment is positive at the moment although the risk of a second lock down period hasn`t diminished yet and we are witnessing an increasing number of Covid-19 cases again in several locations.
The Turkish market has been seeing a further decline in Turkish Lira, quoting at an all-time low against the USD on 06.08.2020. The exchange rate was quoting at 7,2850 Lira for one USD making imports more expensive. Although it also was a quieter week in terms of business concluded prices are still scratching the $200 mark though we might see a reversal in prices given the limited capacity and large amount oftonnage that had been landed in turkey. Good news: The EU_SRR capacity that we have been covering in our Snapshot last week will increase further in Turkey with Avsar Shiprecylcing Facility getting the green light from the EU – it will be added to EU SRR list later this year.