The lethargy in subcontinent recycling markets continues for an additional week as homeowners and money patrons proceed to dump tonnage at spiralling costs, chasing down charges seemingly by the day, studies GMS.
“We have seen prices decline from over USD 600/LT LDT earlier this year, to seeing several standard (albeit poor condition) dry bulk sales below USD 500/LDT recently.”
Therefore, a fall of over USD 100/LDT has been realized in recycling markets for the reason that begin of the summer time and the issues persist of strained traces of credit score and lack of financing, which means there seem like extra vessels than succesful finish patrons at current – definitely within the more difficult markets of Pakistan and Bangladesh.
India stays a relentless market, says GMS, when it comes to finish patrons able to opening traces of credit score, but costs are as soon as once more positioned on the backside of the pile within the subcontinent, with most finish customers afraid of committing on contemporary tonnage such has been the extent and ferocity of latest worth falls.
The provide of tonnage – significantly from Far East and China markets – has remained a relentless over these summer time months when it’s often quieter, and people money patrons who’ve purchased ‘as is’ tonnage with out again to again finish customers in place have been hardest hit with tumbling ranges and a stockpile of seemingly unsellable tonnage.
“There is hope however that once monsoon season ends and product starts to shift from yards and mills reopen, that we may see a greater demand at least to acquire once again.”
For week 33 of 2023, GMS demo rankings / pricing for the week are as beneath.
