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GMS Market Commentary on Shipbreaking in Week 37 in Bangladesh- DISTRACTED & DISINTERESTED!

Steel News - Published on Tue, 17 Sep 2019

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Bangladesh appears beset by distractions and disinterest this week, as very few serious offers appear to be emanating from the local market. Local Buyers continue to be overcome by cheaper competitive steel that is taking a bite out of the resale price of ship’s steel, in addition to L/C limits / restrictions for a good majority of local Buyers who are in the hunt for the occasional large LDT unit being proposed locally. Cheap Chinese billets and the ongoing rains are seeing inventory struggle to shift from local plots and this remains the leading factor for the muted demand on fresh tonnage. Furthermore, the challenge from the BSBA on the recent VAT increase on the ship recycling sector has yet to come to fruition, even though optimism on their efforts presists.

While many Ship Owners and Cash Buyers remain optimistic on a Bangladeshi return to the fore, the surprising 4 th quarter ongoing has left many wondering just when the customary late year bounce back will come around (if at all).

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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