After the Eid holidays, SNP activity resumed in the sub-continent markets once again, with some continually strong numbers on show, despite declining steel plate prices by about USD 9/LDT (in India) this week.
Some of the momentum leading up to the Eid holidays has unsurprisingly stalled a little, and there is a lingering suspicion that the markets have perhaps peaked and a slight correction in levels could be anticipated in the near future.
Havoc Created A Shocking Report
Covid-19 continues to wreak havoc across the sub-continent markets, particularly in India, where ICU units are continually over-filled, with over 400,000 daily cases and over 4,000 daily deaths that have shocked the rest of the world.
Meanwhile, given the recent spike in cases in Pakistan and pursuant to the recent lockdown, ship recycling yards in Gadani are due to resume activity from next week, whilst the lockdown in Bangladesh has been extended for yet another week.
Turkey too has resumed activity this week Post Ramadan as steel fundamentals continue to firm, helping sustain the stronger levels currently on show.
Offshore Units Remain The Overwhelming Supply For The Most Part
Overall, amidst a flying dry bulk and container chartering market / second hand sector, tanker and offshore units remain the overwhelming supply for the most part.
As the summer/monsoon months approach, it will be interesting to see if the present momentum can be sustained or if levels will start to cool off, as the traditionally slow Monsoon period around this time of year, gradually comes into view.
For week 21 of 2021, GMS demo rankings/pricing for the week are as below.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: GMS
