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GMS Market Commentary on Shipbreaking in India in Week 02 - UNWILLING TO COMPETE!

Steel News - Published on Tue, 15 Jan 2019

Image Source: SteelGuru
While many Alang Recyclers were hoping that the advent of 2019 would have marked a positive change to their precarious situation, the Indian market unfortunately endured another difficult and turbulent week, with consecutive days of declines in local steel plate prices, a weakening Rupee that briefly jumped past the Rs. 70.50 mark against the U.S. Dollar, and a notably dwindling appetite to acquire fresh tonnage.

There is a local appreciation that most of the competitive market ships are heading towards Bangladesh. Consequently, having lost many of their favored container units to Bangladeshi Buyers, Alang Recyclers have maintained their focus squarely on to strictly green and offshore tonnage.

With relatively minimum tonnage on offer this week and only one container vessel working firmly, the sale of the MSC container MSC MIRELLA at a seemingly aggressive price in excess of USD 440/LT and a likely India delivery (given that the vessel is off Fujairah), local recyclers had little to focus / bid on.

Source :

Posted By : Joykumar Irom on Tue, 15 Jan 2019
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