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            november 21, 2019

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India scrap ship market is squeezed by exchange rates, steel prices


Weaker exchange rates and a slide in domestic steel prices in India have put downwards pressure on Alang demolition prices, although a number of deals were reported sealed at above US$500 per ldt (light displacement ton), according to Shipping Gazette.
By comparison, the markets in Pakistan and Bangladesh remained subdued as breakers in both countries kept a watchful eye on forthcoming budget announcements.
With the monsoon season about to start, there is a sense that rates may have peaked and that owners selling vintage tonnage should proceed with caution, reported Lloyds List.
"Some cash speculators continue to have surprising ideas as to market stability by continuing to offer firm rates," said London-based Clarkson Research Services.
"It is questionable whether there is any real justification or reasoning behind strong numbers today when, locally, markets are not sustainable," it said.
"Thus owners must also adopt a cautious approach as there have already been whispers in the market of deals failing at high rates and subsequently resold to others at a lower rate," said Clarkson analysts.

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