Currency woes, volatile steel prices and the monsoon season have all been the plight of the Indian market in recent times as this week brought with it little relief in terms of a pick up in price / demand.
Many end buyers - having seen rapid falls beset the industry in the past - have been content to sit by and observe current trends before committing on new units.
Indeed, with a huge number of vessels already filling yards from the opening five months of the year, the port report is starting to look a little barren, with a dwindling number of units arriving local anchorage.
However, the sight of fewer vessels arriving may be a welcome one to end buyers who have seen unsold steel plates starting to stockpile local yards as India's national economy struggles to keep pace with what has been (up to this point) a bustling ship recycling sector.
Any deal done though was chasing down the market the very next day - unless fixed by the cash buyer back to back, with a reliable and performing end user. In light of this, the number of ongoing / weekly fixtures has been dwindling.
Source: Steel Guru (Sourced from GMS Weekly). 12 June 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_23_2012/268143.html