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Take a look below at our Demolition Weekly Market Reports for Week 32 of 2019 (listed alphabetically):
Week 32 2019 (05th August – 09th August)
DEMOLITION QUICK UPDATE
The previous week remained quiet due to the ongoing monsoon season and the current Eid holidays. Bangladesh is hoping that after the religious break, its recycling yards will start consuming existing inventory which may lead to local players to conclude fresh tonnage. India is facing great uncertainty as local steel prices stumbled once again and needs to step up with its competitors. Lastly, Pakistani were nervous for one more week, seeing their neighbours tumble, and remain not unkeen on accepting any…..
Source: Athenian ShipBrokers
09th August 2018 – Volume 204 Issue 890 – Week 32
SUB CONT STRUGGLES!
Subcontinent markets continue to remain depressed over these summer / monsoon months and with Eid holidays now upon us, there remains little hope of a return to more bullish numbers anytime soon. As it stands today, all markets are comfortably trading well below the USD 400/LDT mark and in the case of India and Pakistan, end Buyers are even trying their luck in the low USD 300s/LDT on certain types of vessels (unsurprisingly, to no avail thus far).
A few weeks of stability will certainly be required, just to bring end Buyers back to the bidding tables, as confidence has been rocked to such an extent that there are few sensible offers emanating from India and Bangladesh, whilst Pakistan remains virtually inert after over a year on the sidelines, with no meaningful purchases to speak for.
In India, the bottom has truly come off steel plate prices as levels continued to decline over the course of this week as well, depreciating a whopping USD 70/Ton since early July. Adding to India’s woes has been the Indian Rupee, which too (briefly) breached INR 71 against the U.S. Dollar this week.
Source: GMS Leadership