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GMS Market Commentary on Shipbreaking in India in Week 19 - PAINFUL WEEK!

Steel News - Published on Wed, 15 May 2019

Image Source: Leemans Maritime Consultancy
India has endured a rather concerning week with both local steel plate prices and the currency declining, leaving end Buyers nervous and hesitant to commit any available units at sensible levels. Steel plate prices crashed by a whopping USD 23 per tonne over the course of the week whilst the Indian Rupee breached the INR 70 mark against the US Dollar once again, in worrying signs for the local market.

As a result, sales into Alang have remained few and far between, relegated primarily to strictly HKC SoC green recycling and offshore units.

This week, China Navigation committed their general cargo unit KWEICHOW (9,432 LDT) for strictly green HKC SoC green recycling, at a surprisingly impressive USD 440/LT. This seemingly speculative price comes at a time when the Alang market has been battling its nerves through the week’s declines.

Will such impressive numbers continue to be tabled, especially on green units that already fetch discounted levels, remains to be seen. For now, with a dithering Bangladesh and a weak Pakistan, India may gradually turn into the market of choice in the coming months especially if local prices manage to hold.

Source :

Posted By : Rabi Wangkhem on Wed, 15 May 2019
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