There were small glimmers of hope in the Indian
market this week, as steel prices began to improve and more realistic numbers
appeared to be forthcoming from end buyers once again.
Previous weeks had seen morale take a battering and
renegotiations have now become desperate and frequent, with often the smallest
of inaccuracies in vessels details leading to major squabbles at the
waterfront.
The popularity of Mr. Modi however shows no signs
of waning as he returned from a raucous reception in Australia and there are
very real hopes that domestic industries will be protected against the import
of this cheap Chinese steel with increased taxes.
Meanwhile, a number of vessels from existing cash
buyer inventories were finally committed albeit at disappointingly lower
levels. But unless owners were subject to the type of frivolous renegotiations
not uncommon of late, significant hits have been taken by the rare few who
remained true to their word and performed according to their prevailing MOAs.
There were no new market sales to report, yet it is
understood this week that the 6 x older LNGs mentioned for a possible recycling
sale earlier in the month during the auction process, have been committed to
further trading interests this past week.
Source: steel guru. 26 November 2014
http://www.steelguru.com/indian_news/GMS_weekly_report_on_Indian_ship_breaking_industry_for_WEEK_47/353353.html
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