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GMS update on shipbreaking in India in Week 1 - BIG MOVERS!

Steel News - Published on Wed, 11 Jan 2017

Image Source: SteelGuru
The Indian market was probably the biggest winner over the festive period as a stunning surge in local steel plate prices placed them atop the Indian sub-continent price standings after a rather long absence.

However, as the old adage goes “what goes up must come down”, a dramatic tumble in steel prices saw levels self-correct by about USD 13/LDT and ship recyclers refrained from discussing any vessels at the speculative numbers that some of the recent fixtures were concluded at.

Un-surprisingly, some of the ever-bullish cash buyers continued their out-of-reach purchases during the week as a few fixtures highlight their (cash buyers) omnipresent ever-optimistic faith in the markets.

The sale of the ZIM SAVANNAH (20,896 LDT) baffled a lot of level-headed industry players having been committed at a whopping USD 330/LT LDT basis an ‘as is’ Singapore delivery with sufficient bunkers for the voyage to Alang. Additionally, the panamax container AL ENTERPRISE (22,444 LDT) fetched an equally incredible USD 336/LT LDT basis an ‘as is’ Davao delivery, in the second sale of the week from the German market.

In the wet sector, chemical tanker PACIFIC STREAM (7,711 LDT) achieved a remarkable USD 540/LT LDT with the 1,130 MTs of solid stainless steel contributing to the exceptional price on show.

In the other critical fundamental affecting pricing for vessels, the Indian Rupee continues to trade in the high INR 67s against the US Dollar, despite trading in excess of INR 68 towards the end of last year. So there appears to be at least some encouraging signs for Alang on the currency front.

GMS Weekly

Source :

Posted By : Rabi Wangkhem on Wed, 11 Jan 2017
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