As yet, more volatility with the currency wreaked havoc with local sentiment, it was surprising to see several market sales register at prices some way above market.
Two Chinese tweens were sold for strong levels, with the YUAN TENG (5,672 LDT) committed for USD 408/LT LDT nett plus inward clearance fees for Buyers. The UNION HELLEN (7,318 LDT) too was sold for (an amazing) USD 426/LT LDT (less standard comms).
Pricing for tweens tends to fall somewhere in between bulkers and containers with the steel wastage usually less due to better, less corrosive cargoes.
Meanwhile, the Indian Rupee spent much of the week threatening to breach 64 against the U.S. Dollar again, something that left end buyers nervous to commit on new units. Such has been the extreme volatility seen in the currency this year that many recyclers fear another catastrophic depreciation that saw almost 20% of the value of their inventories wiped away earlier this year.
Steel prices also suffered something of a rollercoaster week with some worrying reversals corrected only in the latter part of the week to bring back some hopefully much needed stability into proceedings.
Source: steel guru. 19 November 2013