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GMS Market Commentary on Shipbreaking in India in Week 24 - TENTATIVELY DOES IT!

Steel News - Published on Wed, 20 Jun 2018

Image Source: SteelGuru
Despite being the top placed sub-continent market for yet another week, it was surprising to see Indian buyers play it somewhat tentative on the pricing of new and unsold Cash Buyer tonnage this week perhaps fearful of further market declines ahead.

Even though local steel plate prices have made some strong gains as the week ended (to the tune of about USD 10/Ton), the Indian Rupee has started weakening once again, trading in excess of INR 68 against the US Dollar.

Despite this, sales of specialist units continue at pace to local recyclers as the deluge of reefer scrapping continues for the year.

Laskarides have sold their second unit in as many weeks as the FRIO ATHENS (6,511 LDT) was committed privately to the same Buyer as their last sale, reportedly in the region of USD 420/LT LDT. Additionally, the Chinese owned YONG XIANG 7 (9,329 LDT) was sold for a very firm USD 370/LT LDT basis an ‘as is’ Zhoushan delivery.

Source :

Posted By : Rabi Wangkhem on Wed, 20 Jun 2018
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