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GMS Market Commentary on Shipbreaking in India in Week 33 - CONFIDENCE SHAKEN!

Steel News - Published on Wed, 21 Aug 2019

The shocking 15% crash in local steel plate prices in India has had repercussive effects throughout the Indian subcontinent ship recycling industry, with both Pakistan and Bangladesh lowering their numbers in response to subsequently precarious overall fundamentals. Although plate prices have weakened by about USD 70/Ton since early July, amidst a rocky performance this week, plate prices did end on a marginally optimistic note, up overall by about USD 5/Ton. The sharp depreciation of the Indian Rupee too has added to local woes as the currency continues trading in excess of Rs. 71 against the U.S. Dollar as the week ended, a first for the Indian Rupee this year.

Consequently, local Recyclers have been (and continue) offering some of the lowest levels for units in the subcontinent markets and Cash Buyers with unsold expensive inventories are either investigating alternative markets or various layup options whilst prices and sentiments remain so dire in Alang, and the subcontinent markets overall.

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Posted By : Amom Remju on Wed, 21 Aug 2019
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