After
a stunning past week, India, like Bangladesh, experienced consecutive days of
falls on local steel plate prices by almost USD 10 per LT LDT to leave end
buyers, momentarily dazed and fearing for new purchases at recent impressive
rates.
There
were also some concerns on the currency this week as a previously settled Rupee
(around the 61 mark) depreciated worryingly to spend much of the week trading around
62 to almost 63 against the US Dollar.
For
this reason, demand started to tail off as end buyers chose to wait and watch
market developments before committing on new tonnage. Open end buyers and
capacity however, is not an issue as there is plenty of space for new vessels
locally.
An
older sale of a smaller bulker emerged this week as the CATHAY MORSKI (6,973
LDT) was committed for region USD 430/LT LDT. Currency movements and the scrap
steel performance will be key in determining the immediate movement of the
market this coming week(s) after the remarkably bullish start to the year.
Source:
steel guru. 28 January 2014
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