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GMS update on Shipbreaking in India in Week 2 - ROLLERCOASTER WEEK!

Steel News - Published on Wed, 17 Jan 2018

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On the back of fluctuating local steel plate prices, the Indian market suffered a jittery week with almost USD 15/LDT being lost, before some of those losses were regained as the second week of 2018 concluded.

The two MR tankers NORTE (9,264 LDT) and BREEZE (7,988 LDT) that were sold last week at a phenomenal price of USD 460/LT LDT, are reportedly being pushed into the Indian market. However, at the time of writing, both units remain unsold and end Buyers are reportedly unwilling to indicate / offer anywhere near the breakeven levels paid by the Cash Buyer.

Further news from the ground is that Bangladeshi Buyers too have refused to pay the Cash Buyer’s asking price, which is why his attention is squarely focused on a presently aggressive India.

Given the unfolding events, it seems increasingly unlikely that some of the speculative Cash Buyer purchases made of late, might not pay off and could likely result in substantial losses, even if local fundamentals remain firm.

Meanwhile, the Indian Rupee spent another week trading in the mid Rs. 63s against the U.S. Dollar as demand starts to increase once again following a sluggish Christmas period with reduced supply. This is clearly evident from Alang’s port position this week as 15 vessels are either on the anchorage or have been beached this week.

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Posted By : Nanda Koijam on Wed, 17 Jan 2018
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