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GMS Market Commentary on Shipbreaking in India in Week07 - REJUVENTATED!

Steel News - Published on Tue, 19 Feb 2019

Image Source: SteelGuru
Despite registering steel gains (of nearly INR 1,000 = about USD 15/Ton) through a major part of the week and ending the week at nearly the same levels, India enjoyed a rejuvenating period where optimism and local sentiments came out on top. The Indian Rupee too continues to trade at a more settled level in the low INR 71s against the US Dollar, in further signs of encouragement on local fundamentals.

As a result, even though increasing interest and potentially firmer offerings were emanating from India this week, most Alang Buyers are still eager to wait on and bid for cheaper green tonnage (with 77 yards now certified by Class NK, RINA and IRS class, in line with the Hong Kong Convention), as a plethora of well-priced offshore units have been heading to Alang shores under tow.

The improving sentiments are certainly well-timed, given the Bangladesh’s much anticipated slowdown and Pakistan still out of the running for the most part, the Indian market is certainly gearing up to become the focus of industry players.

GMS Weekly

Source :

Posted By : Rabi Wangkhem on Tue, 19 Feb 2019
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