Some interesting sales from the past
few weeks have given the market something of a glow that local fundamentals do
not appear to support.
The HENG SHUN MEN (5,747 LDT) received
a price of USD 517/LT LDT and the full spares tween UNION CARRIE (5,185 LDT) saw
a whopping USD 530/LT LDT last week. Both prices were indicative of speculative
cash buyer moves - something that continued into this week as well.
The tween TARPON CLIPPER (8,139 LDT) from
Monaco based owners saw a price similar to that of the UNION CARRIE of last
week, whilst two larger bulkers, the Russian built ESTRECHO DE MAGALLANES (15,991
LDT) went for USD 445/LT LDT 'as is' Chile (it is anybody's guess where the
market will be at the time of delivery), and the larger LDT V AUSTRALIA (27,124
LDT) received USD 515/LT LDT 'as is' Singapore.
There is still a very definite
disconnect though between the numbers put forward by cash buyers and what the
end buyers are offering with the rupee still weak (but improving marginally as
the week ended) against the US Dollar and many users prepared still to wait and
watch after tlie recent dramatic fluctuations.
Source: Steel Guru. (Sourced from GMS Weekly). 20 September 2011
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