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GMS update on shipbreaking in India in Week 10 - KANGAROO MARKET!

Steel News - Published on Tue, 12 Mar 2019

Image Source: SteelGuru
After India’s recent steel surge and overall positivity displayed during the previous week, Indian steel markets endured a week of declines, with prices (and subsequently offers) receding by the day as the week concluded. Despite the Indian Rupee firming against the U.S. Dollar (ending the working week at a shade under the Rs. 70 mark), the USD 7/Ton drop in plate prices was enough to rattle local sentiments and cause local offerings to roll back. Such extreme volatility – up one week and down the next – has become painfully customary in Alang, in what has become the most frustrating and risky location for Ship Owners and Cash Buyers to do any sensible business in the sub-continent.

As stated in the Market Commentary, this softness is expected to last going into April as the end of the financial year comes around and banks, steel mills and ship recyclers get their books and affairs in order, ahead of the new financial year.

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Posted By : Rabi Wangkhem on Tue, 12 Mar 2019
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