Following in the footsteps of their Bangladeshi competitors, India saw local prices heat up once again as the currency began to settle and steel plate prices made some comparatively impressive gains during the course of the week.
Consequently, a number of interesting market sales were concluded, not least, the handysize bulker AL AMAL (6,333 LDT) which fetched an incredible USD 422/LT LDT, albeit with 220 T bunkers on board at the time of delivery. Up until last week, prices on smaller bulkers, reefers, general cargo vessels and tweens were still stuck below USD 400s/LT LDT.
Another interesting move saw the Norwegian controlled roro VIBEKE (10,650 LDT), with over 2,000 T solid concrete permanent ballast, sold for guaranteed green recycling for eventual resale into India, at a firm USD 400/LT LDT 'as is' Labuan with about 225 Tons of bunkers remaining on board upon delivery.
With the Rupee trading back down into the Rs. 61-62 to the U.S. Dollar as currency analysts predict a steadier end to the year, coupled with improvements on the steel prices by over Rs. 500, it could be a bullish end to the final quarter of the year, in what has proven to be a fraught and turbulent 2013 for local buyers thus far.
Source: steel guru. 26 November 2013