For the second running week and on the back of firming Chinese plate prices last week, ship recycling markets felt some positive moves as local plate prices remain on a positive to firm footing across the board, reports cash buyer GMS.
However, increasing magnification into local markets proved to be a reality check, says GMS, due to the ongoing lack of tonnage that has been typical of this “dark year” in ship recycling.
“After the U.S. Fed rate cut of 0.5% on interest rates a couple of weeks back and global currencies took a moment to adjust, this week, nearly all recycling nation currencies resumed their depreciations against the U.S. Dollar adding further jitters to a skirt of tonnage that is barely covering the ship recycling body.”
The Indian markets witnessed the most positivity of the week, but any gains seem destined to being stalled with the general expectation that the market has reached a state of equilibrium.
Bangladesh continues to slip landing at last place in the market rankings, whilst Pakistan (perhaps reactionarily) responded to firming plate prices in China from recent weeks, recording improvements of their own that were followed by firming prices from Gadani as well.
Turkey at the far end reported further improvements in…