Many began to speculate this week as to whether the bottom had been readied in India, in terms of prices and sentiment. Certainly, despite some ominous signs early in the week and with the Indian Rupee still trading at 61 to the US Dollar some gains in the currency were seen come the end of the week, that left the Rupee trading back at a more respectable INR 59 to the Dollar.
However, whatever gains were made on the currency, were completely shattered by a fall in steel plate prices with some USD 10/LT LDT being knocked off over the course of the week. Rarely has there been positive news on both the currency and steel prices in tandem this year.
Nevertheless, candidates kept on coming, cash buyer inventories remain unsold and new deals (at ever-lower numbers) were reportedly being done.
Two handysize bulkers fetched varying prices this week as the Japanese built vessel PROVIDER (7,754 LDT) was concluded at a remarkable USD 41I/LT LDT. The 200 T of bunkers and good cargoes (wheat and soya beans not corrosive at all on the holds) largely being responsible for the price on show.
By contrast, the Bulgarian built MALYOVTTZA (7,819 LDT) fetched a more modest USD 389/LT LDT. Both vessels however have a Pakistan option as a backup (despite India perhaps being the logical destination for these smaller sized vessels) should the market in India continue to fall.
Source - GMS Weekly