Apart from the odd HK SoC green recycling
sale and fixtures of specialist units (such as reefers, RoRos and passenger
vessels), Alang buyers have once again been starved of market tonnage as
Bangladesh pushes on acquiring wet units and many Cash Buyers continue
purchasing and holding tankers in the hopes of a Pakistani reopening.
As such, only one sale registered this week
with a likely India re-delivery as the RoRo PRAYASTI (10,829 LDT) was sold on
an “as is” Singapore basis at a decent USD 410/LT LDT.
Meanwhile, Indian local steel prices have
endured another frustrating week and this has led to an increased reticence
from Alang Buyers willing to commit units at even locally workable numbers as
they remain fearful of the possibility of further market declines ahead.
The Indian Rupee is also trading above the
Rs. 65 mark against the U.S. Dollar once again and it remains to be seen just
how the latest tariffs imposed on Chinese steel will affect the rest of the
industry (including India) and whether this excess supply of steel from China
will once again be unceremoniously dumped into sub-continent markets, causing
steel prices to collapse (akin to the 2014 – 2015 collapse).
Source:
steel
guru. 28 March 2018
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