As yet,
more volatility with the currency wreaked havoc with local sentiment, it was
surprising to see several market sales register at prices some way above
market.
Two Chinese
tweens were sold for strong levels, with the YUAN TENG (5,672 LDT) committed for
USD 408/LT LDT nett plus inward clearance fees for Buyers. The UNION HELLEN
(7,318 LDT) too was sold for (an amazing) USD 426/LT LDT (less standard comms).
Pricing for
tweens tends to fall somewhere in between bulkers and containers with the steel
wastage usually less due to better, less corrosive cargoes.
Meanwhile,
the Indian Rupee spent much of the week threatening to breach 64 against the
U.S. Dollar again, something that left end buyers nervous to commit on new
units. Such has been the extreme volatility seen in the currency this year that
many recyclers fear another catastrophic depreciation that saw almost 20% of
the value of their inventories wiped away earlier this year.
Steel
prices also suffered something of a rollercoaster week with some worrying
reversals corrected only in the latter part of the week to bring back some
hopefully much needed stability into proceedings.
Source: steel
guru. 19 November 2013
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