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Take a look below at our Demolition Weekly Market Reports for Week 43 (listed alphabetically):
Week 43 2015 (19th October – 23rd October)
DEMOLITION QUICK UPDATE
The negativity that has the market in its grips appears to have no end in sight with the subcontinent still in the throes of uncertainty. The Indian market has seen further reductions as demand for steel continued to plummet, while the few buyers that remain are very hesitant to quote. For the time being Bangladeshi Buyers appear to be the most active, although still having significant problems with letter of credit issuance by their local banks. Pakistani buyers while always on the lookout for preferred tonnage are taking a conservative stance quoting prices in line with the Indian market while closely observing their counterparts for any sign of increased…..
Source: Athenian ShipBrokers
23rd October – Volume 158 Issue 695 – Week 43
Nerves remained across all sub-continent markets as cheap Chinese billets continue to pour in and undercut local steel plate prices & inventories on end-buyers yards.
Of all the markets, India seems to have been hit the hardest with only 20 – 25 yards presently operational, following the forced closure of a significant number of yards in Alang as the ship-recycling industry is once again becoming an unviable and unprofitable business, after several years of rising values.
The Indian currency too has depreciated incredibly over the past few years and coupled with this most recent plunge in commodity prices and the seemingly endless supply of billets, it is little surprise to see many in the industry terming this as a full-fledged…..
Source: GMS Leadership