The container standoff between cash
buyers and end buyers continued for another week something that saw several
panamax sized units sold to Pakistan buyers in an unprecedented move.
Time will tell whether Gadani buyers come
to value containers as highly as tankers in India and Bangladesh, despite the
draft issues they have long complained about.
Most cash buyers who acquired containers
at huge levels in the past month or so look set to lose money on these
speculative purchases, as the local market has simply not been able to support
the levels being asked for.
Overall, the currency has steadied into
the INR 61 range against the US Dollar and steel prices, despite frequent daily
fluctuations, are not causing too much concern at present.
Indeed, demand remains healthy locally
particularly for smaller LDT units between 5 and 12,000 LDT (due to lower
cutting time required and a generally larger number of yards with LC limits
available to negotiate tonnages in this size range).
Two units of interest were sold this week
the Naftomar controlled smaller LPG GAZ SYMPHONY (4,756 LDT) fetched an
impressive USD 468 per LT LDT ‘as is’ Fujairah with 500 T bunkers remaining on
board and the Nanjing Kingship tween, KING HERO (7,116 LDT) achieved USD 455
per LT LDT for a forward end May delivery.
Source: steel guru. 25 March 2014
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