10 January 2012

GMS weekly report on INDIAN shipbreaking industry for week 01 of 2012:

The New Year return to form that many had been banking on was not exactly the reality on the shores of West Coast India. Indeed a fair degree of nerves still exists in the market this week as the rupee continued to fluctuate wildly against the dollar -giving few people any comfort of stabilizing any time soon.

As such, it has become increasingly difficult to solicit any form of offers from end buyers who remain adamant that a settled currency is central to any aggressive offering. The numbers have therefore understandably remained low and cash buyers have chosen to focus their energies on both Pakistan and China, along with the soon to be back again, Bangladeshi market.

As a result, there were no market sales to report for the week and the general feeling is that it may stay that way for some time until a greater degree of confidence and stability can be restored locally.

Source: Steel Guru (Sourced from GMS Weekly). 10 January 2012

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