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GMS Market Commentary On Shipbreaking In INDIA In Week 24 - STEEL SLIDE!

Steel News - Published on Wed, 19 Jun 2019

Image Source: Safety4Sea
The Indian ship recycling market has endured a tough past few weeks, with local steel plate prices falling dramatically, subsequently leaving end Buyers reticent to jump in on new purchases. Steel prices have decline by about INR 1,500 tonne, which is equivalent to about USD 21.50 per tonne. There have been a number of green vessels sold over the past few weeks and end users are also mindful of the fact that Bangladesh is waiting on further clarity on the outcome of their budget, when all facts are likely to be known in the early part of next week and Pakistan remains consistently negative due to the ongoing currency crisis there and the damaging impact of their own recently announced budget.

The Indian Rupee weakened marginally, now trading in the high INR 69s against the US Dollar, further adding to the local anxiety, which has been further exacerbated by the market’s virtual shutdown this week due to the incoming heavy rains generated by cyclone Vayu.

It has certainly not been a very easy time for the Indian market over the recent past.

Source :

Posted By : Ratan Singh on Wed, 19 Jun 2019
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