GMS weekly report on INDIA shipbreaking industry for WEEK 24 of 2011:

The expected and predicted drop in levels from India/ who have been the market titans for a majority of the year, started a few weeks ago and has continued this week as well. Local steel plate prices fell between INR 300 - to INR400 causing prices for ships to continue their roll back this week.

The advent of the full-blown monsoon indicates that the situation will likely not improve the prevailing situation either - at least until early-mid September rolls by and the rains have all but passed.

Meanwhile, several reefers were being introduced into the market as potential scrap candidates. However, with prices in retreat and owners failing to fetch offers anywhere near their anticipations, subsequent fixtures failed to materialize.

As a result, like Bangladesh, the Indian market had no market fixtures to report this week.

Source: Steel Guru (Sourced from GMS Weekly). Wednesday, 22 June 2011

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