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GMS Market Commentary on Shipbreaking in India in Week 28 - COLLAPSE!

Steel News - Published on Wed, 17 Jul 2019

India has been the focus of many a Cash Buyer over the past month, especially with Bangladesh largely on the sidelines after their recent budget, most yards in Chattogram full with tonnage, and the few open yards there reportedly struggling with bank approvals on fresh L/Cs. However, post-buoyant election victory of Mr. Modi’s pro-business party, prices from Alang have been rapidly decreasing by the week. In fact, local steel prices have collapsed by almost USD 35/LDT over the last few weeks, including this week’s USD 14/Ton decline.

Yet, one high-profile unit was concluded this week as the Vale controlled ORE MOATIZE (18,403 LDT) was sold for an impressive USD 425/LT LDT to Indian Buyers, for guaranteed HKC SoC green recycling. The slightly in excess of 600 Tons of bunkers certainly contributed to the above market price on show.

The 1999 built German MPP vessel LUKA (5,307 LDT) was also sold for a decent USD 328/LT LDT basis an ‘as is’ Piraeus delivery.

Finally, local port position has been hampered by the recent declines, given that only 1 vessel has arrived Alang this week.

Source :

Posted By : Ratan Singh on Wed, 17 Jul 2019
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