The annual Indian budget for fiscal year 2011 - 2012 was announced last week with an overall minimal impact on import duty for scrap ships. Many buyers had been lying low (as is customary at this time of year) in anticipation of potential budgetary cutbacks that could have delivered a downward pressure on prices.
So far, it is very much 'as you were' on the levels with dry units priced around the USD 450 to USD 470 per tonne range with wet units placed about USD 25 per LT LDT higher. However, as the Bangladeshi news broke this morning, local sentiment to quickly secure units at today's levels seemed to come around as the day ended.
Meanwhile, in terms of sales last week, a particularly high priced sale of M/V CAPE SYROS (4,046 LDT) for USD 481/LT LDT reflected a growing trend for tween units to receive higher prices in comparison with dry bulk / general cargo / reefer vessels. Additionally, the Essar cape CHANDI PRASAD (20,200 LDT) received a similarly big number of USD 485/LT LDT 'as is' Singapore
Based on the Bangla news today, Indian buyers could very well find themselves pushing up prices of their own, in order to remain in the running for future tonnage.
Source: SteelGuru. (Sourced from GMS Weekly). Wednesday, 09 Mar 2011
http://www.steelguru.com/indian_news/GMS_weekly_report_on_India_ship_breaking_industry_for_WEEK_9/194881.html
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