Ship Recycling Market - Week 47 - DUTIES REDUCED, PRICES DOWN!
Ship Recycling Market - Week 47 - DUTIES REDUCED, PRICES DOWN!
After the announcement by the Indian government that they would reduce export duties on iron ore and steel products, the Alang market surged by Rs. 4,000 (about USD 49) in a single day, only to come crashing down in subsequent days to the tune of USD 50/Ton by the time the weekend had arrived.
In the midst of this surge, there was one Capesize Bulker sold for HKC / strictly green recycling into India, and it is hoped that some stability on prices will be found in the week(s) ahead.
Notwithstanding, sub-continent steel plate prices have plummeted greatly this week (especially in India and Bangladesh), further adding to the ongoing stresses that have become routine in the sub-continent markets.
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