A dramatic week for West Coast
Indian buyers saw any gains made by improving steel plate prices, completely
negated by the drastically weakened Indian Rupee against the US Dollar, one of
the worst the currency has seen at for a number of years.
Such was the precarious state of
the market come end of the week, that cash buyers were left counting their
losses rather than celebrating an upturn in the price of local steel plate via
a healthier number of fixtures.
Furthermore, losses in the Chinese
recycling market (where prices have been stable for a majority of the year) has
led to concerns that non ferrous and steel prices could be set for a reversal
in the near future in the local market as well.
As such, a mentality of watch and
wait was once again adopted by most buyers unwilling to commit on any high
priced tonnage. Could we see prices finally dip below the 500/LT LDT mark once
again? Time will tell.
Nevertheless, tonnage showed few
signs of abating and deals were concluded into the local market. Most notable
sale of the week was the Middle East
controlled tweens CAPT MAHDI (6,756 LDT) at USD 515/LT LDT, a far cry from the
excess 540s/LT LDT that several high profile tweens had snagged in previous
weeks (i.e. TARPON CLIPPER and UXIOX CARRIE).
Market sales reported
|
Vessel name
|
Type
|
LDT
|
Reported price
|
|
ATRA
|
General Cargo
|
3306
|
USD 510/LT LDT
|
|
CAPT MAHDI
|
Tween
|
6756
|
USD 515/LT LDT
|
Source: Steel Guru (Sourced from GMS Weekly). 27
September 2011
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