GMS Week 32 – LIFT OFF!

Despite the highest daily record of Covid-19 cases being reported across the globe in a single day and an increasingly worrying situation in India, the subcontinent ship recycling markets (and Turkey) continue to push on.

All markets are now pointing in a positive direction, following the excessive losses witnessed during the pandemic where about USD 150/LDT was rapidly knocked off levels across all sectors.

Just last week, the price of scrap steel has started to rebound (posting some of the highest numbers we’ve seen this year), currencies are stabilizing and demand has started to tell across all sectors as End Buyers realize they need to book their plots with units at the current levels, before markets continue to jump even higher.

Cash Buyers have finally managed to sell off a lot of their existing (and previously loss making) inventories, whilst new units are being committed at increasingly impressive numbers. There were indeed rumors this week of one Panamax container being sold into India, at a price into the USD 360s/LDT, as Alang surges by almost USD 20 – USD 25/LDT, in the space of this week alone.

For week 33 of 2020, GMS demo rankings / pricing for the week are as below.

Source: GMS