Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

GMS update on Shipbreaking in India in Week 12 - OFF THE PACE!

Steel News - Published on Wed, 28 Mar 2018

Image Source: SteelGuru
Apart from the odd HK SoC green recycling sale and fixtures of specialist units (such as reefers, RoRos and passenger vessels), Alang buyers have once again been starved of market tonnage as Bangladesh pushes on acquiring wet units and many Cash Buyers continue purchasing and holding tankers in the hopes of a Pakistani reopening.

As such, only one sale registered this week with a likely India re-delivery as the RoRo PRAYASTI (10,829 LDT) was sold on an “as is” Singapore basis at a decent USD 410/LT LDT.

Meanwhile, Indian local steel prices have endured another frustrating week and this has led to an increased reticence from Alang Buyers willing to commit units at even locally workable numbers as they remain fearful of the possibility of further market declines ahead.

The Indian Rupee is also trading above the Rs. 65 mark against the U.S. Dollar once again and it remains to be seen just how the latest tariffs imposed on Chinese steel will affect the rest of the industry (including India) and whether this excess supply of steel from China will once again be unceremoniously dumped into sub-continent markets, causing steel prices to collapse (akin to the 2014 – 2015 collapse).

Source :

Posted By : Rabi Wangkhem on Wed, 28 Mar 2018
Related News from Steel segment