The Indian market once
again displayed its remarkable bouncebackability this week with an almost
complete recovery seen on the local steel plate prices and an Indian Rupee that
was beginning to settle into the low 60s against the USD.
It had been a torrid
previous few weeks in Alang, with much of the market tonnage diverted to rivals
in Pakistan (including even roros, tweens and smaller bulkers much to their
surprise and regret).
Approximately USD 25 per
LT LDT had been wiped off the local steel plate prices in some alarming and
unforeseen falls and the currency had started to depreciate again to worrying
levels above INR 61 against USD.
In rollercoaster scenes
that have become almost synonymous with the Indian market of late, steel gains
virtually eradicated the losses of the previous week and the Rupee steadied
itself into the low 60s again much to the delight and relief of increasingly
concerned end buyers and cash buyers.
With the Pakistan market
expected to slow in the coming weeks, it could be that Indian buyers begin to
pick up some of the slack, as long as fundamentals remain steady going forward
something that is never assured in India.
The favored USSR 91
built tanker JAG PRACHI (9,680 LDT) was sold as is Goa this week for a decent
USD 484 per LT LDT she could end up being a Pakistan or even Bangladesh
candidate however, depending on gas free status and where ends up paying the
best money.
Source:
steel guru. 27 August 2014
http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_34/347701.html
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