Indian buyers continued to suffer a rollercoaster of emotions as both the currency and local steel plate prices fluctuated wildly once again oyer the course of the week.
After hitting another HISTORICAL low of 61.44 against the USD, some midweek recoveries were seen, only for any hope to be swiftly dispelled as the Rupee once again depreciated to the high 61s again and many fearing a drastic 65 could be touched.
Government involvement to try to stabilize the currency have so far proved to be in vain and many end users are in full panic mode, as the full extent of their losses begins to be felt.
The steel prices showed few signs of assisting either, with any gains immediately cancelled out in subsequent losses to leave all in the industry scratching their head as to when any improvement might be seen. This is volatility in the extreme and it is creating a very uncertain atmosphere amongst buyers on the shorefront.
Two sales to speak of saw the Turkish owned West German built MPP ex container type H. HASAN TURAN (4,908 LDT) receive a firm USD 402/LT LDT whilst the general cargo / tween type YUAN DA (5,671 LDT), with spare bronze blade received a more modest USD 385/LT LDT.
Source: Steel Guru. 13 August 2013http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_32/321968.html