A few signs of life began to emerge from the Indian market this week and several fresh deals were concluded as a result.
Yet, end buyers seem as confused as cash buyers as to where market levels should actually be. Whilst steel prices regained some of the losses of previous weeks, the Indian Rupee depreciated to excess INR 62 again (almost touching INR 63) against the US Dollar, in some worrying developments during the week.
Subsequently, many end users simply abstained from any buying or offering, fearful of further falls and not willing to book any new units whilst such uncertainty is in play.
Notwithstanding, three new units were concluded by hardy end buyers, with MSC selling another unit as the MSC JENNY (14,898 LDT) fetched a decent USD 461 per LT LDT (with inward clearance for Buyer’s account).
Glory Ship management of Singapore also sold two more of their older logger type vessels as the MERCURY (7,452 LDT) and ASEAN WISDOM (7,466 LDT) received USD 437 per LT LDT en bloc for a likely January delivery.
Source: steel guru. 31 December 2014