Capital link Shipping comments on the GMS weekly market.
Peaking?
A few minor corrections were witnessed in the sub-continent markets this week, as fears start to emerge as to whether the markets have peaked yet or is there still some room for improvement in levels. In Turkey however, despite plate fundamentals being relatively unchanged and the Lira plummeting to new record-lows, vessel offerings have reportedly jumped significantly, by about USD 30/Ton this week.
On the sub-continent end, Indian steel plate prices have collapsed in excess of USD 25/Ton over the course of the week, as the Alang market goes into a retreat. Pakistan was also no different, with a nearly USD 27/Ton drop of their own. However, Bangladesh managed to sustain a steady plate price through the course of the week.
Overall, the Bangladeshi and Pakistani markets are also keeping a watchful eye on what is happening in India, as these alarming falls inevitably start to breed some form of contagion.
Demand remains firm across all markets (especially in Turkey) and with very few serious ships working firm at present in order to satisfy growing local appetites even though prices continue to sustain themselves at exceptional levels, well above the USD 600/LDT for yet another week.
Finally, as Chattogram Buyers continue to lead the way for another week, and as the year comes to an end, there are surely several more deals to be deals at these decade long highs.
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Source: Capitallinkshipping
