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Take a look below at our Demolition Weekly Market Reports for Week 25 of 2019 (listed alphabetically):
Week 25 2019 (17th June – 21st June)
DEMOLITION QUICK UPDATE
For one more week most of the sub-cont. market maintained its low levels with negative outcomes that have been created, at an already low period of the year, the monsoon season. The budget imposed in Bangladesh last week
has created silence in the country as there is uncertainty of the 10% vat imposition. India’s confidence has been struck by the reduction of local steel prices and lack of stability created a wait-and-see momentum for cash buyers. Lastly, Pakistan is also expecting a new budget but got a breath of fresh air since it got slightly delayed and their PSBA attempt to undo…..
Source: Athenian ShipBrokers
21st June 2018 – Volume 202 Issue 883 – Week 25
The ongoing decline in the Indian sub-continent markets have yet to show signs of abating / easing this week, with ever-lower numbers surfacing from the various ship recycling locations – if any were forthcoming at all.
Case-in-point, ever since the announcement of their budget on June 13th, Bangladeshi end Buyers have remained virtually silent as there is still uncertainty surrounding the imposition of the 10% VAT – something that could potentially lead to a USD 25/LDT decline in prices.
As a result, canny end Buyers have started to offer levels below the USD 400/LDT mark to test the waters. However, few Owners or Cash Buyers are willing to ‘bite’ at these levels, optimistic that the powerful BSBA lobby in Bangladesh can overturn the additional taxes / duties, just as they have previously done.
Source: GMS Leadership