GMS Week 27 – POSTING POSITIVE!
Subcontinent markets finally started to display some encouraging signs this week, as positive movements on prices were reported across the board.
As is generally the case, this has quickly coincided with some increasingly speculative Cash Buyer offerings / purchases reportedly taking place as Buyers look to book deals at today’s levels with the prospects of a higher forward market over the coming week(s) / month(s), going into the traditionally higher fourth quarter of the year.
In truth, as prices slumped below the USD 300/LDT mark (almost USD 150/LDT from the peaks seen earlier this year), many in the industry were feeling that this was an overly dramatic correction in response to the collapsing global sentiments due to the restrictions set in place to tackle the global Coronavirus outbreak.
Of course, currencies and steel plate prices saw some alarming depreciations with virtually all shipping markets seemingly paralyzed in the wake of the pandemic, but the expectation was that this would always be a temporary / short correction as global markets and economies would be back to routine business post lockdown re-opening.
Yet, Covid-19 cases continue to rise across the subcontinent (especially in India) and certain provinces may have to go under a repeat lockdown, in order to try and once again curb the spread, even though industries are expected to remain open, so desperate were the effects of the initial quarantine closure period.
Lastly, Turkey recorded yet another minor decline this week as local steel prices further tumbled, though the Lira remained steady keeping ship prices relatively stable.
For week 27 of 2020, GMS demo rankings / pricing for the week are as below.