Help Desk -
9717405332, 9599714297, 9810335381

GMS Market Commentary on Shipbreaking in India in Week 03 - DECLINE AND FALL!

Steel News - Published on Tue, 22 Jan 2019

Image Source: SteelGuru
Local steel plate prices have suffered another challenging week of declines as Indian ship Recyclers chose to abstain from offering on a majority of the working tonnage this week. The Indian Rupee also spent another week trading in the low-to-mid Rs. 71 against the U.S. Dollar and there presently remain very few positives for Indian Recyclers to cling onto. Amidst speculations of perhaps obtaining better deals on green / offshore units, it seems as though end Buyers are now entering the dreaded “wait-and-watch” mode, hoping to pick up bargains in the low USD 400s/LDT (and possibly even below).

This certainly spells trouble for those Cash Buyers with expensive inventory on hand, who have been holding out for a potential uptick in the market, instead, running head first into weeks of declining levels and sentiments.

As such, until Bangladesh fills up and / or Chittagong offerings dip to align with those from Alang, it is expected to remain a comparatively quiet January for the Indian market.

Source :

Posted By : Joykumar Irom on Tue, 22 Jan 2019
Related News from Steel segment