With
the Indian rupee trading at just over 57 to the US Dollar towards the end or
the week, total confusion and panic entered the market and main end buyers
simply held back their offers.
This
has been an ongoing theme for a couple of months now, a trend that has knocked
off hundreds and thousands if not millions off end buyer purchases during this
time.
Consequently,
a whole swathe of buyers has simply refused to offer while the currency crisis
persists. Whilst capacity and demand remains good (as good as the present can
permit), there are very few signs of any sort of settled levels with which to
base firm offers on.
As a
result, very few deals have been concluded recently, and those that have been
done and are only just arriving, continue facing close scrutiny from end
buyers. In most cases, end up facing trouble and losing money in the process.
Nasco
sold their East German built general cargo type vessel YONG AN MEN (9,210 LDT)
for USD 365/LT LDT in the one market sale of the week. East German built vessels
are very low on the list of desired vessels in India due to the wastage of the
steel.
Source: Steel Guru (Source - GMS Weekly). 26 June 2012
http://www.steelguru.com/indian_news/GMS_report_on_Indian_ship_breaking_industry_for_WEEK_25_2012/270340.html
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