Indian buyers would have been grateful for the
break that Christinas and New Year holidays have afforded them, especially
after the appalling state of the Indian Rupee against the US Dollar, in the
fourth quarter of this year. The currency crisis shows few signs of subsiding
either, with further losses this week throwing fresh question marks over those
who had forecast some sort of emerging stability in the market, with 2012
approaching.
As a result, it has been a quieter than normal end
to the year for Indian buyers on the negotiations front. While deliveries and
beachings have been taking place, but with great difficulty, end buyers have
been looking to minimize their losses whichever way possible. Now more than
ever, a dependable cash buyer is needed by owners delivering their vessels into
the Indian sub-continent, due to the extreme volatility in the markets and the
willingness of many end buyers to create problems at the drop of a hat.
Filially, as Pakistan appears to be picking up some
of the slack for the time being and Bangladesh potentially returning to the
fold in January, there is some hope that India could return to the scene with
its usual gusto once the currency and prices settle somewhat in the first
(second quarters of 2012.
Source: Steel Guru (Sourced from GMS Weekly). 3 January 2012
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