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Take a look below at our Demolition Weekly Market Reports for Week 36 of 2019 (listed alphabetically):
Week 36 2019 (02nd September – 06th September)
DEMOLITION QUICK UPDATE
The correction noticed on the freight markets along with underperforming local fundamentals forced the Sub-Cont. recycling markets to another quiet week. In India the local currency was again depreciating and steel prices declining thus the market remained uninspiring. The Pakistani market did not manage to capitalize the deteriorating performance of its competitive neighbours and remains the least attractive recycling destination. Last, Bangladesh also had a silent week since Cash Buyers remained…..
Source: Athenian ShipBrokers
06th September 2019 – Volume 205 Issue 894 – Week 36
The summer malaise that has set in to the primary international ship recycling destinations has continued for another week, with muted demand, declining offerings and despondent local fundamentals that continue to take a toll on respective local sentiments.
In the subcontinent, India remains the lowest placed market with the recent 2% depreciation on the Rupee, which declined to over Rs. 72 against the U.S. Dollar and is presently around Rs. 71.60. This came at a time when the Rupee was trading around the Rs. 69 mark a few weeks ago, when local steel plate prices collapsed by about USD 75/Ton. As such, both fundamentals have been the primary reasons behind the poor pricing and weak sentiments.
In Pakistan, cheap billets from Iran continue to undercut local plate prices, resulting in accumulating inventories at local yards. A similar situation has also been brewing in Bangladesh as imports from China have been suppressing local plate levels. As such, steel plate prices remain under pressure across the board, as recyclers with inventories at local yards have been struggling to shift these at anywhere near breakeven levels.
Source: GMS Leadership