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GMS Market Commentary on Shipbreaking in India in Week 44 - BESET BY WOES!

Steel News - Published on Tue, 06 Nov 2018

Image Source: Indian Express
Indian struggles extended for another week, with local steel plate prices still playing their volatile wobble this week and a currency that, while still firmed through the week toward the mid INR 72.50, ended the week sharply declining closer to the INR 72.80 mark against the US Dollar. As a result, it was unsurprising to see minimal sales concluded for the week and even green sales seeming to go elsewhere, with one Aframax for HK SoC recycling reportedly being committed to the only Rina certified yard in Chittagong.

Several offshore units have been arriving and beaching in Alang over this past week and Buyers have as such, not found the need to raise themselves from this current stupor to get back into the buying, given that Diwali holidays are right around the corner.

For the only sale of the week, D’Amico controlled container unit CIELO DI AGADIR (7,582 LDT) was finalized at a decent USD 392/LT LDT basis an ‘as is’ Port Said delivery. Despite Pakistani Buyers willing to pay a premium for dry vessels at this time, we suspect this container will likely find a spot on Alang shores given Pakistan’s rapidly declining fundamental this week.

Source :

Posted By : Ratan Singh on Tue, 06 Nov 2018
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