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GMS Market Commentary on Shipbreaking in Bangladesh in Week 16 - BULLISH ON BUYING!

Steel News - Published on Tue, 23 Apr 2019

Image Source: IndustriALL Global Union
Capes and containers keep flowing into a bullish Bangladeshi market and despite logical expectations concerning the performance of this market over the recent past, there seems to be no sign of things slowing down any time soon for the hungry Chattogram Buyers, despite their voluminous imports through the first quarter. There is of course the budget date of June 5th to keep in mind as end Buyers are primarily looking to import vessels before this date, as increased taxes / duties on the domestic steel sector are expected in this latest announcement, something that has historically been a regular suspicion before the announcement of every subcontinent budget.

There is also a strong desire to import vessels negotiated before the monsoon season starts towards the end of May / start of June, when the constant rains hamper the pace of cutting activities and most of the seasonal labor returns to their home towns during these slower months.

Yet, local port position remains a busy affair as a healthy majority of arrivals into Chattogram that were beached last week, only to be replaced by an equivalent fresh batch of arrivals this week.

As such, the future performance of the Bangladeshi market remains an opaque gaze of uncertainty and potential surprises at the same time, given that their voluminous imports have thus far seemed to unfaze this market, despite local yards being continually stuffed with deliveries through much of this year.

Source :

Posted By : Ratan Singh on Tue, 23 Apr 2019
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