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GMS Market Commentary on Shipbreaking in Week 36 in Bangladesh

Steel News - Published on Wed, 11 Sep 2019

Image Source: Wikipedia
Replicating both Indian and Pakistani markets, Bangladesh’s decline has well and truly set in this week and there remains an overall reluctance from Chattogram Recyclers to offer any sensible levels or commit to any new tonnage at anywhere near the asking prices from Ship Owners and Cash Buyers alike. It has therefore turned into a wait-and-watch scenario for local Recyclers as cheap Chinese billets have recently started to flood the local market once again, undercutting local inventories and sending steel prices spiraling down by about USD 10 per tonne this week.

The one positive is that there remains a noteworthy slowdown in the import of fresh tonnage and as evident by Chattogram’s port position once again, not a single new vessel has arrived the Bangladeshi waterfront this week a truly pitiful scenario considering more LDT is currently awaiting beaching outside a lower placed Gadani market.

Finally, as some of the large LDT inventory that flooded the market earlier this year remains at local yards awaiting resale to local steel mills, we do not anticipate too many fresh sales into this market in the near future, especially at these weaker prevailing levels.

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Posted By : Amom Remju on Wed, 11 Sep 2019
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