Another drastic week of decline and fall in
the Indian market saw many end buyers fearing for their very livelihoods. One
end buyer has already filed for bankruptcy and gone out of business, after this
most recent Indian recession and many others are desperately hoping they do not
go the same way, in what has only become a damage limitation exercise.
The Indian Rupee made matters worse,
briefly touching 62 to the Dollar, in another disastrous week for the currency
and most end buyers have simply decided not to offer at all whilst such extreme
volatility reigns in the market.
Local steel plate prices too have been
equally unpredictable and there seems little incentive for buyers to improve
their numbers at present, let alone offer at all whilst such chaos reigns.
As a result, there were no new sales to
speak of, as most ship-owners looked on unimpressed at the dismal offers on the
table. For those cash buyers still with inventory to offload, it was another
desperate week trying to raise and maintain buyers.
It may be suggested that the only way can
be up from here, but we have thought that before only for the market to fall
yet further and disappoint even the most hardened pessimists.
Source: Steel Guru. 20 August 2013
http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_33/322974.html
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