Ship Recycling Market :: Week 38 - PLATES PLUNGE
Ship Recycling Market :: Week 38 - PLATES PLUNGE
While activity seemed as though it had been steadily increasing going into the final quarter of the year, the last couple of weeks have sent mixed signals as to whether the 4th quarter will actually be better for the ship recycling sector (as many have been anticipating).
Couple of weeks ago, we saw currencies plummet in Pakistan and Bangladesh to the point, a wait-and-watch attitude encompassed both markets – at least until the first sale to a local Recycler establishes the new baseline for a type of unit in that market.
This week, it was local steel plate prices across the sub-continent board that declined to varying degrees, subsequently adding even more pressure on a potential ship-recycling resurgence for Q4.
Mixed in with the fact that there are still, very few candidates that have headed to sub-continent shores over the previous two quarters and sub-continent markets have – as a result - witnessed a gradual buildup of demand over this time, especially as plots and port reports empty out to eerily quiet levels (especially in Pakistan, which has not seen a fresh arrival at the waterfront for nearly 2 months now).
