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Take a look below at our Demolition Weekly Market Reports for Week 33 of 2019 (listed alphabetically):
Week 33 2019 (12th August – 16th August)
DEMOLITION QUICK UPDATE
It was another uninspiring week for the recycling markets of the Sub-Cont. as the adverse weather conditions remained. For the Bangladeshi market, focus is placed on Bangladesh performing after the religious celebrations are finalized, with hopes for a bounce back. In India the deteriorating movement of market fundamentals like currency and steel plate prices retained the market underperforming. Finally, regarding Pakistan, local players kept their cautious approach, thus low activity has…..
Source: Athenian ShipBrokers
16th August 2018 – Volume 204 Issue 891 – Week 33
Prices across the subcontinent markets have been rocked by the shocking deterioration of local steel plate prices & currencies (especially in India) and the immediate / short term outlook for the various recycling markets certainly seems grim.
Demand has reached its lowest point of the year, whilst end Buyers survey the wreckage of these most recent declines. Unsurprisingly, a very limited number of transactions have reportedly taken place over the last few weeks, with Cash Buyers trying to control and deliver previously concluded vessels that were purchased at much higher rates.
To an extent, this drip-feed of tonnage has mercifully coincided with a declining supply of vessels and in turn, avoided subsequent fixtures of cheaper / lower priced units, thereby establishing greater loss-making benchmarks for the older / more expensive unsold units. As it stands, even Ship Owners who are testing the waters remain reluctant to finalize sales at the new lower and unappealing realities in the mid USD 300s/LDT and they too seem to be waiting / hoping for a return on prices above the USD 400/LDT mark.
Source: GMS Leadership