The bulk of the market
sales were concluded into India this week, with some extremely speculative
prices seen by over-zealous cash buyers speculation returns.
As the Rupee made some
extraordinary strides over the course of the week (finishing below INR 60 for
the first time in over a year) and optimism swept through the industry local
levels were still not reflecting prices being offered up by cash buyers on
international tonnage.
Just one poor day of
reversals on the Rupee or significantly depreciating steel plate prices could
see local sentiments and prices reverse very quickly. Thus, it is a risky
strategy being employed by many, just to get their hands on available tonnage
and owners need to be aware of simply taking the top dollar.
Of the sales concluded
this week, the Lomar controlled ATHENS TRADER (10,37 LDT) caught the headlines
at USD 495/LT LDT less comms ‘as is’ Jebel Ali with 120 bunkers remaining on
board.
Similarly, PIL owned
KOTA WIJAYA (6,815 LDT) fetched an enormous USD 525 per LT LDT with 350 T
bunkers upon delivery (about 20 USD/LDT worth of value) the smaller size,
bunkers and decent ownership secured the high prices. However, there was still
the feeling that these levels were at least about USD 10-15/LDT away from
reality.
In other sales, the
Egyptian owned AMIRA MARIAM (5,853 LDT) was sold for a firm USD 465/LT LDT for
prompt delivery Alang and the MPP converted from container AQUA LUNA (4,950
LDT) achieved a decent USD 480 per LT LDT.
Source: steel guru. 1
April 2014
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