As the sub-continent markets continue their dreary trudge towards the onset of Q4, the industry seems to have entered a confused and shaky state, as all sub-continent market sentiments seem to be headed in the same direction i.e. downwards.
While all sub-continent locations have registered varying rates of reduction, Bangladesh seems to have taken it the worst, with sentiments there truly putting the brakes on some of the higher priced units on offer.
On the other side and despite weakening levels of their own, both India and Pakistan seem to be comparatively more eager to conclude units and Pakistan has even managed to steal a unit away from Bangladesh that was coming in from the Far East this week. A true first in recent memory.
Lastly, the Turkish market seems the most well placed of all major international recycling locations, with continued stability in plate and vessel prices leading to a far more stable market, as offerings from Turkey remain steady for yet another week.
Overall, China’s unexpected decision to curtail the sale of Chinese billets to the sub-continent markets has certainly let local steel plate prices to climb to levels not seen for over a decade now, as recycling prices finally start to experience their share of volatility.
Demand also remains stable but not overwhelming – largely from the tanker and offshore sectors, such is the bullish state of dry and container markets this year.
In other sales news, of the 4 sanctioned VLCCs there were recently concluded for recycling, 2 of which have reportedly been fixed into Bangladesh and Pakistan respectively. If true, it remains interesting to see just how these financial transactions will be eventually concluded via the banks or will these deals fail?
For week 39 of 2021, GMS demo rankings / pricing for the week are as below.